Quiñenco buys most of Shell’s Downstream business in Chile

Netherlands-based oil and gas company Shell has agreed to sell most of its Downstream business in Chile to Quiñenco for a total consideration of $614m (£381.7m).

Under a separate agreement, Quiñenco has also been appointed as a Macro Distributor to market, sell and distribute Shell-branded lubricants in Chile and will become the delivery service provider for Shell Marine Products’ international customers in the country.

The proposed sale, which covers all Shell’s existing Retail, Commercial Fuels, Bitumen and Chemicals businesses, in addition to related supply and distribution infrastructure in Chile, follows a review by Shell of its downstream businesses in the country and is consistent with the company’s strategy to concentrate its global downstream portfolio into fewer and larger markets.

The retail network of about 300 sites will continue to be Shell-branded through a trademark license agreement.