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Shell, Varo in talks on German refinery stake sale
December 15, 2016 / 10:38 AM / a year ago

Shell, Varo in talks on German refinery stake sale

LONDON (Reuters) - Royal Dutch Shell RDSa.l and Varo Energy are in advanced talks on the sale of Shell’s 37.5 percent stake in the 220,000 barrels per day refinery in Schwedt, Germany, they said on Thursday.

Shell fuel pumps are seen in the front garden of Manor Road Garage petrol station built in an art deco style. After the business closed the building decayed until being converted into flats in East Preston, West Sussex, Britain. REUTERS/Toby Melville

The companies did not disclose the value of the deal.

Varo Energy, a joint venture between the world’s biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.

Shell is in the midst of a $30 billion (24 billion pound) asset disposal programme following February’s $54 billion acquisition of BG Group.

Reporting by Ron Bousso; editing by Susan Thomas

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