Shell has found a buyer for a chain of Argentine gas stations worth more than $1billion, a news report said.
Shell put the 630 Argentine gas stations up for sale as part of a £23.5billion divestment plan intended to balance the books in the wake of its takeover of BG Group.
Brazil’s Raizen Energia, a subsidiary of Shell, has outbid rivals including Argentina’s YPF, Chile’s Quinenco and China’s CNPC, Reuters reported, citing unidentified sources.
Shell and Cosan each own 50% of Raizen, which controls Brazil’s second largest chain of gas stations.
Shell said it would not comment on potential deals. Raízen also declined to comment.