Shell has reached a conditional agreement with Malaysian Hengyuan International Limited (MHIL) for the sale of its 51% shareholding in the Shell Refining Company (SRC) in Malaysia for $66.3million. It is MHIL’s intention for SRC to invest in the upgrades needed to meet the Euro 4M and Euro 5 requirements. The transaction is expected to complete in 2016, subject to obtaining regulatory approval. Shell Malaysia Trading will ensure security of supply to its retail and commercial customers in Malaysia and honour other existing commitments through an existing comprehensive supply strategy that includes a long term offtake from Shell Refining Company. The sale is consistent with Shell’s strategy to concentrate its global Downstream footprint and businesses where it can be most competitive. Malaysia continues to be an important country for Shell. Shell is the leading retail fuels and lubricants provider and continues to invest in growing these businesses in the country. Other recent Downstream divestments include the sale of Downstream businesses in Australia and Italy; a number of retail sites in the UK; and the initial public offering of, and further drop downs to, Shell Midstream Partners L.P. Shell has also agreed the sale of its marketing business in Denmark and Norway, its LPG businesses in France and a 33.24% shareholding in Showa Shell Sekiyu KK. More like this… View all DeepOcean delivers first remote subsea intervention with offshore management based onshore DeepOcean Energy May 6 Most living in the Highlands support moratorium on new offshore wind developments Scottish Fishermen’s Federation Energy May 6 Aberdeen landmark enters new era with launch of the Net Zero Technology Centre Technology Testing Hub Net Zero Technology Centre Energy May 6 Hello, this site will work much better if you enable your Javascript.