The Royal Dutch/Shell Group of Companies (Shell) and the Sol Group (Sol), a petroleum affiliate of the Interamericana Trading Corp (ITC), today announced that they will sign a Sale and Purchase Agreement and a Trade Mark Licence Agreement relating to the divestment of Shell's Oil Products businesses in Barbados, St. Lucia, Netherlands Antilles, St. Kitts & Nevis, British Virgin Islands, Anguilla, Grenada, St. Vincent, Antigua, Dominica, Belize, Guyana and Suriname, excluding the Aviation business.



Téléchargez gratuitement le guide
Dopez vos plus-values



The agreements relate to Shell's retail, commercial, local marine and liquified petroleum gas (LPG) businesses and includes a network of 111 retail service stations and 30 distribution depots geographically spread across the region.  The sale is subject to regulatory approval and completion is expected early in 2005.

Sol will continue to use the Shell brand under a Trade Mark Licence Agreement and act as the sole distributor of Shell's fuels and lubricants in this region, thereby better serving dealers and customers, and maintaining awareness of the Shell brand in the region.  Furthermore, Sol will act as an agent and partner on behalf of Shell Aviation facilitating further development of aviation business opportunities in the region.

Sol and Shell Aviation will receive a secure supply of high quality Shell products via Shell Western Supply and Trading Limited ("Shell West").  Shell West is the largest energy trader in the Caribbean and will continue its operations from Barbados.

Shell Antilles & Guianas Limited Chairman, Nicholas Shorthose said: "A long term alliance will be established with Sol that brings together the best of Shell's products and standards with Sol's regional focus and local decision making. Our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business."

Mr Shorthose added: "The transaction is consistent with our strategy of proactive portfolio management, which aims at creating maximum value to customers and shareholders, by focusing our activities where we believe we can deliver better value to both while improving the returns in the underlying business."

Kyffin Simpson, Chairman of the Sol Group said: "Sol represents a new approach to the oil business - one that combines the reach and regional relationships of ITC with Shell's world class technical expertise and products. We are delighted to be able to focus on investment in the Caribbean, for the Caribbean and intend to grow the business through close local partnerships that can respond rapidly to customer needs."





Disclaimer statement
This news release contains forward-looking statements, that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be effected by a variety of variables which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.



Please refer to the Annual Report on Form 20-F for the year ended December 31, 2003 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Companies' businesses.  Neither of the Companies undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise.



Cautionary Note to US Investors:
The United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions.



Téléchargez gratuitement le guide
Dopez vos plus-values

Recommander à vos amis
  • gplus
  • pinterest