News & Media releases

Shell announces deal with Sol Group in Puerto Rico

13/06/2006

Royal Dutch Shell plc (Shell) announced today, that a Share Purchase Agreement was signed today with Sol Investments Limited (Sol), an affiliate of Interamericana Trading Corp. (ITC), for the divestment of its shares in The Shell Company (Puerto Rico) Ltd.

The transaction relates to Shell’s Retail and Lubricants businesses and includes a network of 163 retail service stations. Shell’s Commercial and Bitumen businesses and Lubricants Warehousing are excluded from this agreement . The petrochemical plant Shell Chemical Yabucoa Inc. (SCYI), as a separate legal entity is not included in this deal and will continue under Shell management.

The specific terms of this transaction are confidential and the sale is expected to be completed in the coming months.

ITC is a Caribbean-based international conglomerate, with automotive, telecommunications and banking interests in over 32 countries across Latin America including Puerto Rico, the USA and Europe. In 2005 SOL acquired Shell's fuels businesses in Belize, Guyana, Suriname and the following countries of the Eastern Caribbean region: Barbados, St. Lucia, Netherlands Antilles, St. Kitts & Nevis, British Virgin Islands, Antigua, Dominica, Anguilla, Grenada and St. Vincent, positioning Sol as one of the key players in the Caribbean oil market.

Sol will continue to use the Shell brand under a Trade Mark Licence Agreement at retail service stations and will sell Shell and Pennzoil branded lubricants in Puerto Rico, thereby maintaining awareness of the Shell brand in the country. Furthermore, Shell will continue to supply the market in Puerto Rico with the same high quality products.  
 
Shell Puerto Rico Chairman, Juan Carlos Cortés said, "I am delighted that we have been able to establish this long term alliance with the SOL Group. This brings together the best of Shell’s global products and standards with SOL’s local focus and decision-making.  Our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business." 

Sol Group Chairman, Kyffin Simpson said, “We welcome the opportunity to expand our Shell alliance into Puerto Rico having had a very successful year in the Eastern Caribbean, Guyana, Suriname and Belize markets.  We look forward to working with the staff and intend to grow the business through close local partnerships that can respond rapidly to customer needs.”

The divestment is consistent with Shell’s strategy of managing its portfolio to deliver maximum value to customers and shareholders.