first_img Show Comments ▼ whatsapp Share KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com ROYAL Dutch Shell has agreed to sell three quarters of its stake in its African refining and distribution business to its joint venture partners for $1bn (£616m) as part of its efforts to dispose of non-core assets, the oil major said yesterday. Shell said remaining owners Vitol Group and Helios Investment Partners, which have upped their stake from 50 to 80 per cent by snapping up Shell’s holding, would continue to sell Shell products in 14 African countries including Egypt, Tunisia and Uganda. The deal will be phased in during 2011 and into the first half of 2012, with Shell retaining a 20 per cent interest in the new joint venture structure.“This is a good deal for our customers as well as for Shell,” said Shell downstream director Mark Williams. “We will significantly reduce our capital exposure in line with our strategy to concentrate our global downstream footprint, and continue to provide the high quality Shell products that our African customers have come to trust and rely on over many decades.”Shell sold $7bn of non-core assets during 2011 that took out 12 per cent of the firm’s refining capacity, according to its last results statement.Shell is still in talks with Australian oil and gas producer Woodside about what it plans to do with its remaining 24 per cent stake, Woodside’s chief executive Don Voelte said yesterday. Woodside was caught off-guard last November when Shell sold off one-third of its stake in the company. “The chairman and I are working very constructively and professionally with them,” Voelte told analysts and reporters yesterday, playing down talk of bad relations between the two companies. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comcenter_img whatsapp Shell sells $1bn African business to JV partners Monday 21 February 2011 7:45 pm Tags: NULLlast_img