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THE HAGUE, Netherlands – Shell is selling its retail and aviation business in Italy to Kuwait Petroleum International for an undisclosed amount.
In a statement, the company said “the sale is consistent with Shell's strategy to concentrate Shell's downstream footprint on a smaller number of assets and markets where we can be most competitive.”
Other recent divestments include the sale of refineries in the United Kingdom, Germany, France, Norway and the Czech Republic, as well as downstream businesses in Egypt, Spain, Greece, Finland and Sweden, and the establishment of a downstream joint venture across Africa.
Shell's Italian retail network will be rebranded Q8 as part of the agreement, which is subject to regulatory approval.
The transaction is expected to be completed this year.