ROYAL Dutch Shell has sold its downstream assets in Australia, including petrol stations and its Geelong refinery to Vitol for an estimated $2.4 billion, Fairfax Media reports.
A Shell spokesman declined to comment on the report.
According to the reports, the successful consortium came out on top over a group comprising Macquarie Capital and powerful miner-trader Glencore Xstrata.
Vitol is the world’s largest oil trader.
Shell’s Geelong refinery has been on the market since April last year, with the sale subsequently broadened to include its Australian petrol stations.
Earlier media reports said the Anglo-Dutch energy giant was committed to selling what are described as “downstream” assets to focus on its main business of energy exploration, development and production.
Shell chief executive Peter Voster said in November the company was “entering into a divestment phase” amid rising costs for energy projects and investor concern about capital expenditure.
The reports say Shell may be pursuing a divestment program that is targeting $US15 billion of global divestments within two years.