World petroleum giant Shell sold its liquefied petroleum gas business in six European countries including Romania, to the French company Rubis yesterday.
The transaction involves Shell's LPG business in Romania, Germany, Bulgaria, Spain, the Czech Republic and Switzerland, amounting to a maximum of some 90 million euros (US$120 million), according to a Rubis release.
The move was regarded as Shell's step to exit the Romanian market.
But the transaction in Romania is conditioned on the non-exercising of the preemption right owned by the Romanian side, according to Rubis.
Shell Gas Romania was set up in 1996 in the form of a joint venture, where Shell held 55 percent of its shares, while Petrom, the largest Romanian oil and gas group, held the remaining 45 percent.
The deal will turn Rubis, with significant market shares, into a leader of the LPG market in Romania and Switzerland. The total annual turnover for the companies to be taken over by Rubis reaches about 180 million euros (US$241 million).
