Shell exits Romania

Shell sold its liquefied petroleum gas (LPG) business in Romania and in another five European states to France-based Rubis on Wednesday, a move through which the Dutch-British group has exited the Romanian market. The transaction involves Shell’s LPG business in Romania, Germany, Bulgaria, Spain, the Czech Republic and Switzerland, and will amount to a maximum of 90 million euros, according to a Rubis release. For Romania, the transaction is conditioned on the non-exercising of the pre-emption right, according to Rubis. Shell Gas Romania was set up in 1996 in the form of a joint venture, where Shell holds 55% of the shares, whilst Petrom holds the remaining 45%. According to Rubis, following the transaction it will become the leader of the LPG market in Romania and Switzerland, having significant market shares. The total annual turnover for the companies taken over is valued at around 180 million euros.