Shell has completed the sale of its 31.2 percent stake in Showa Shell Sekiyu KK to Idemitsu Kosan Co Ltd for a total amount of Yen 159 billion (approximately $ 1.4 billion). Completion follows anti-trust approval from the Japan Fair Trade Commission.
John Abbott, Shell downstream director, said, “Shell has enjoyed a long and valuable partnership with Showa Shell since the year 1900. I wish the company success and look forward to seeing the commercial linkages and a new relationship between our two companies over the coming years.”
The sale supports Shell’s strategic commitment to focus downstream activity on areas where it can be most competitive.
Shell’s upstream, integrated gas, chemicals and trading businesses are not impacted by the sale. Japan remains an important LNG market for Shell.
