Kuwait agrees to buy Italian business from Shell

Oil and gas major set to sell Italian retail and aviation business to Kuwait Petroleum International

Anglo-Dutch oil and gas major Shell said on Thursday it has agreed to sell its Italian retail and aviation business to Kuwait Petroleum International.

"The sale is consistent with Shell's strategy to concentrate Shell's downstream footprint on a smaller number of assets and markets where we can be most competitive," the company said in a statement, without giving financial details.

Shell's Italian retail network will be rebranded Q8 as part of the agreement, the company said.

The transaction is subject to regulatory approval.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia spends money to make money

Saudi Arabia spends money to make money

Tour of Asia by Saudi Arabia's King Salman advances drive to...

Soft money: will cash transactions soon be a thing of the past?

Soft money: will cash transactions soon be a thing of the past?

The rapid digitisation of banking in the UAE is enabling robots...

Oman gains breathing space with jumbo $5bn bond sale

Oman gains breathing space with jumbo $5bn bond sale

Order books for the issue totalled $20bn, showing that Oman can...

Most Discussed
sponsoredTracking