Shell to sell 51% share in Malaysian refining firm

Royal Dutch Shell is to sell 51% of its stake in its refining company in Malaysia. Hengyuan International Limited is to pay $66.3 million (£46.41m) for the oil giant’s shares […]

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By Jacqueline Echevarria

Royal Dutch Shell is to sell 51% of its stake in its refining company in Malaysia.

Hengyuan International Limited is to pay $66.3 million (£46.41m) for the oil giant’s shares in Shell Refining Company.

The transaction is expected to be completed this year subject to regulatory approval.

The company insists “Malaysia continues to be an important country for Shell” and the sale is “consistent with its strategy to concentrate its global downstream footprint and businesses where it can be most competitive”.

Last week Shell and BG Group‘s shareholders approved their merger, with the takeover expected to be completed later this month.