The UK-Dutch oil group Shell announced on Wednesday that its liquefied gas (GPL) business in Romania, Bulgaria, Spain, Switzerland and the Czech Republic was sold to the French company Rubis. The transaction added up to 90 million euros, Reuters informs.
Through this operation, Shell ends all its activity in Romania.
According to Shell officials, the transaction is part of the company's new policy, oriented rather towards extracting oil than selling oil products.
"Shell focuses its investments in areas where its presence is already significant. We made a tremendous progress in simplifying out portfolio, reducing the cost and complexity of our operations", said GPL branch vice president Erwin Friederich.
In Romania, the transaction must first be approved by local dealer Petrom, partner (45% of the stock) in Shell Gas Romania.
Shell started to operate on the Romanian market in 1992, investing over 200 million dollars, mainly in developing its gas station network.
In 2006, the group had a 728.5 million euros business figure, with 44.2 million euros as profit.
HotNews.ro, Mar 22, 2007