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Shell completes sale of downstream businesses in Greece to Motor Oil Hellas
The sale includes Shell’s retail, commercial fuels, bitumen, chemicals, supply and distribution, and liquefied petroleum gas (LPG) businesses, as well as a lubricants oil blending plant. The purchase price is €245.6million (around $300million). With the completion of the agreement Shell Hellas A.E.’s company name will change to Coral A.E.
“The decision to sell our downstream businesses in Greece follows a comprehensive strategic review”, said Shell Downstream Director Mark Williams. ”It fits with our drive to simplify our global downstream portfolio and concentrate on larger, integrated assets in growth markets.”
Motor Oil’s Executive Vice Chairman, Mr. Ioannis V. Vardinoyannis, said: "The acquisition of Shell in Greece, a leading company with a top position in our country and an internationally recognised brand, is a strategic success for us. As leaders in refining and trading of oil products, Motor Oil has now further enhanced its position in the marketing of fuels and chemicals. At this point the Motor Oil Group owns an extensive network of retail stations and a wide range of quality products, allowing us to meet the needs of the most demanding Greek consumer.”
The deal also includes the creation of a marketing joint venture (MJV) between Shell and Motor Oil Hellas for the trade of aviation fuels under the company name Shell & MOH Aviation Fuels A.E. The Shell retail network of around 700 retail stations, as well as the new aviation joint venture, will retain the Shell brand and products through trademark licensing agreements. The LPG business will continue to operate under its new name, Coral Gas S.A.
This agreement was approved by the Hellenic Competition Commission on 11 June 2010.
Shell Media Relations:
International, UK, European Press +31 70 377 3600
Shell US Media Line +1 713 241 4544
The Netherlands Press +31 70 377 8750
Shell Investor Relations:
The Hague - Tjerk Huysinga +31 70 377 3996 / +44 207 934 3856
USA - Harold Hatchett +1 713 241 1019
Notes to Editors
Royal Dutch Shell plc
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 100 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com
About Motor Oil
Motor Oil Hellas (MOH) is a leading company in the oil refining sector which supplies the markets it serves with an extensive range of reliable energy products. MOH is listed on the Athens Exchange and is included in the general index (ATHEX Composite Index), the high cap index (FTSE/ATHEX 20) and the international market index (FTSE/ATHEX International). The company is also included in the Morgan Stanley Capital International (MSCI) Small Cap index. Enquiries for Motor Oil Hellas can be directed to Petros Tzannetakis +30 210 8094162 or at email@example.com or Vasia Klapsi on +30 210 9476132 or at Vasia.firstname.lastname@example.org, or visit the websites www.moh.gr and www.coralenergy.gr.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this press release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this press release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this press release, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This press release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2008 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, 30 June 2010. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release that SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.