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Shell has completed the sale of its 51 percent shareholding in the Shell Refining Company (Federation of Malaya) Berhad (SRC) in Malaysia, which includes the 125,000-barrel-per-day refinery in Port Dickson, to Malaysia Hengyuan International Limited (MHIL), a subsidiary of China's Shandong Hengyuan Petrochemical Co. Ltd. (SHP), for $66.3 million.

The Port Dickson refinery consists of 11 crude oil tanks and 78 refined product tanks. The facility produces fuel oil, kerosene, diesel, petrol and liquefied petroleum gas (LPG).

Earlier this year, SHP said it intends to expand, rebuild and upgrade the Port Dickson refinery to bring the facility into compliance with regulatory requirements and optimize its product mix.

Shell said the divestment was consistent with its strategy to concentrate its global downstream operations in areas where it can be most competitive.

Other recent downstream divestments by Shell include the sale of downstream businesses in Australia and Italy; a number of retail sites in the UK; and the initial public offering of, and further drop downs to, Shell Midstream Partners L.P. Shell has also agreed the sale of its marketing business in Denmark and Norway, its LPG businesses in France and a 31.2 percent shareholding in Showa Shell Sekiyu KK.