27 Nov 2009

Shell to sell downstream businesses in Micronesia

5:20 pm on 27 November 2009

The multi-national petroleum company Shell says it will sell its downstream marketing businesses in Micronesia to IP&E Holdings LLC.

The Saipan Tribune reports that IT&E yesterday signed an agreement to finalise its purchase of Shell assets in the CNMI, Guam and Palau for an undisclosed amount.

The deal, which is subject to regulatory approvals, came on the heels of Shell's review of its Micronesia businesses

Shell said the agreement it had signed with IP&E covered the sale of its retail, commercial and aviation businesses.