LONDON: Oil major Shell said on Thursday it had sold parts of its Norwegian downstream business to Finnish fuel firm ST1 for an undisclosed sum, further divesting parts of its downstream activities.
ST1 will take over Shell's Norwegian retail, commercial fuels and supply and distribution businesses, while Shell's aviation business in Norway will become a 50-50 joint venture with ST1.
The deal is expected to close next year, pending regulatory approval.
The sale follows Shell's downstream divestments through refinery sales in Britain, Germany, France, Norway and the Czech Republic as the oil major seeks to cut costs in a weak oil price environment.
ST1 already operates Shell-branded petrol stations in Finland and Sweden. The deal announced on Thursday includes an agreement to continue operating Shell's Norwegian assets under its brand.
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