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Mon 6 Dec 2010, 16:42 GMT

WFS buys Shell's downstream businesses in Gibraltar


World Fuel Services acquisition includes Shell's bunkering operations in Gibraltar.

World Fuel Services has purchased Shell's downstream businesses in Gibraltar.

The deal, which is said to have been completed on December 1st, includes Shell's bunkering operations, retail service stations, commercial fuels and lubricants operations and Shell’s 50 percent stake in the aviation joint venture Intoplane Services Gibraltar Ltd..

World Fuel Services will operate in Gibraltar under the name Gib Oil Ltd.. The company will sell Shell branded lubricants and supply marine products to deep draft water marine vessels and yachts.

Earlier this year Shell announced that it was seeking buyers for its Gibraltar business. The oil major's plan to push ahead with the sale of its fuel and retail assets has come at a time when the industry trend has been to focus on more lucrative upsteam operations.

In May, Shell reached an agreement with Aegean Marine Petroleum Network Inc. for the sale of its Las Palmas terminal. The facility includes a lubricants plant, dedicated in-land storage facilities totalling approximately 65,000 cubic meters in capacity as well as on-site blending facilities to sell all grades of fuel oils and distillates.

Vitol Group confirmed in July that it was in exclusive negotiations with Shell Oil Products Africa for the potential acquisition of equity in their downstream businesses in 19 countries in Africa. The scope of the negotiations included Shell’s downstream businesses (Retail, Commercial Fuels, Lubricants, Liquefied Petroleum Gas (LPG), Bitumen, Aviation and Marine) in Morocco, Tunisia, Egypt (excluding lubricants), Cote d’Ivoire, Burkina Faso, Ghana, Togo, Senegal, Mali, Guinea, Cape Verde, Kenya, Uganda, Tanzania, Botswana (excluding LPG), Namibia, Madagascar, Mauritius and La Reunion.

In March 2010, Shell New Zealand agreed to sell its distribution and retail businesses and a 17.1% interest in the New Zealand Refining Company.

Contact details for Gib Oil have been provided below:

Gib Oil Ltd.
Tel: + 350 200 03400
Fax: + 350 200 75998
E-mail: info@giboil.com
Website: www.giboil.com

Western Arm
North Mole
P.O. Box 231
Gibraltar

Deal   Vitol   Gibraltar  Gibraltar (GI) 
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