Shell to sell shares in Japanese firm for $1bn

Shell is selling more than one million of its shares in a Japanese energy firm. This represents 33.24% of the Showa Shell Sekiyu KK company. They are being sold for JPY169 billion […]

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Shell is selling more than one million of its shares in a Japanese energy firm.

This represents 33.24% of the Showa Shell Sekiyu KK company.

They are being sold for JPY169 billion (£0.9bn). Shell will keep a 1.8% holding in the company.

John Abbott, Shell’s Downstream Director said: “The sale is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive.”

Shell will continue to license its brand to Showa Shell for use in its retail business.

Shell has also agreed the sale of its marketing business in Denmark and Norway and its LPG businesses in France.

The transaction is expected to be completed in 2016.

Shell recently announced plans to cut 6,500 jobs this year.