Shell last week agreed to sell most of its downstream Greek activities, including its lubricant blending plant in Perama, 700 service stations, depots, liquefied petroleum gas, and other businesses, to Motor Oil (Hellas) for 245.6 million (U.S. $357.1 million), and separately sold its lubricant sales and marketing business to Petros Petropoulos.
The deals are subject to competition authority approvals and are consistent with [Shells] strategy to concentrate its global downstream portfolio, Shell said.
Athens-based Petros Petropoulos said it is acquiring Shell Hellas Greek lubricants sales and marketing, marine and aviation lubricants businesses. Petros Petropoulos said the business acquisition is estimated to be worth around 14 million (U.S. $20 million) after restructuring, to be financed by a combination of equity and debt.
Shell Hellas spokeswoman Vasia Klapsi told Lube Report, Shell has an international model of direct supply [of lubricants] in large countries and macro distributors in medium-to-small countries. As Shells Greek macro distributor, Petros Petropoulos will distribute production from the Perama blending plant and other Shell-branded lubricants, she said.
Motor Oil (Hellas), headquartered in Maroussi, has an API Group I base oil plant in Agii Theodori with capacity of 3,600 barrels per day (180,000 metric tons per year).