Shell today confirmed it sold one of its refining companies for $66.3million.
It’s the last in a string of offloads for the oil major.
It shed its 51% shareholding in the Shell Refining Company (Federation of Malaya) Berhad (SRC) in Malaysia, which includes the 125,000 barrel per day refinery in Port Dickson, to Malaysia Hengyuan International Limited.
A statement read: “Shell is the leading retail fuels and lubricants provider in Malaysia, which remains an important market for the company. Shell will maintain supply to its retail and commercial customers, and will honour all current commercial arrangements through existing comprehensive supply agreements in the country.”
The move is part of Shell’s $30billion divestment bid in the wake of its mega-merger with BG.
Earlier this week, it raised $1.65billion (£1.33billion) in asset sales, while rival oil major BP has revealed plans to invest heavily on African licences.
Read more about the two operators’ opposing strategies here.
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