Kuwait agrees to buy Italian business from Shell

Oil and gas major set to sell Italian retail and aviation business to Kuwait Petroleum International
By Reuters
Thu 20 Feb 2014 03:04 PM

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.

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