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HOUSTON -- Texas Petroleum Group LLC (TPG) signed a purchase and sale agreement for Motiva Enterprise LLC's interest in 162 Shell-branded retail gas stations in the Houston metropolitan area, Shell spokesperson, Robin Lebovitz, told CSNews Online.
Lebovitz explained the sites will continue to sell Shell-branded gasoline. When asked how long the deal has been in negotiations, Lebovitz said she could not be specific, but added "Houston was of the markets named in Shell's retail strategy in the fall of 2006."
TPG is a 50-50 joint venture between Landmark Industries Holdings Ltd. and Shell Oil Products U.S. (SOPUS). All of the companies, Lebovitz noted, are based in Houston.
Despite speculation that the transition could be completed as early as this fall, Lebovitz said the specifics of the deal are still unfolding. "We don't have a date set," she told CSNews Online. "Details are still being finalized."