Shell Sells 900 Australian Petrol Stations
By Athena Yenko | February 3, 2014 2:57 PM EST
As a result of the massive decline in its annual profit announced Thursday, Shell today confirmed that it is putting its 900 Australian petrol stations for sale to recover from the 39 per cent slump of its profit. Shell also announced its plan to sell its 32 Australian fuel terminals, including the Geelong refinery which had been in the market since the early quarter of 2013.
Shell said that there was already a potential buyer for the refinery and the stations, but they prefer to keep mum about the buyer.
Company Chief Executive Ben Van Beurden says he will not reveal the details.
"We have an expression of interest in our downstream business in Australia refining and part of our marketing businesses and that's frankly all I can say about it at this stage," Mr Van Beurden told ABC.
"We never comment on things that are ongoing in the M&A (mergers and acquisitions) space. If there is something to announce we will do that as soon as the milestone is there," Mr Beurden added.
As for their decision on its Gladstone LNG project, details were not final yet.
"We are sorting through all our options in LNG, including Arrow, to see how we take it forward ... and therefore it will be a matter of prioritising and phasing because we can't do them all. So this will be a high-grading exercise rather than a searching exercise."
Some of the world's big name in the trade were reportedly eyeing Shell's asset. However, small time traders were also hopeful as big traders can possibly discard some as what 7-Eleven did in 2010 when it bought Mobil's 295 Australian petrol stations.
The unnamed buyer of Shell may mimic this buying style, as analysed by Colin Long of Service Station Associations.
''When they bought the Mobil sites, 7-Eleven did discard some, so there could be opportunities for independent people to buy up if that happens again. They offered a couple of sites to the operators and a couple of our members were able to buy some Mobil sites from 7-Eleven when they didn't want them. The sites are too valuable and in very good locations, so they are not going to disappear off the face of the earth.''
To contact the editor, e-mail:
Most Popular Slideshows
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- China Military PLA Drills Affect Flights, Hundreds Cancelled
- Malaysia Airlines MH17: EU Feared Won't Ever Enforce Sanctions on Russia; All Talk, No Force
- U.S. Flights to Israel Now Lifted, Flights To and From Tel Aviv Resume – FAA
- Reserve Bank of New Zealand Raises Interest Rates Due to 'Unsustainable' Kiwi
- Embattled Malaysia Airlines Could Run Out of Cash 2015; Diverts Plane Over Another War Zone After MH17 Crash
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales
- Sony Xperia M2 vs. Moto G – Specifications, Features and Price Showdown