THE WALL STREET JOURNAL: Shell To Sell Portuguese Unit To Repsol YPF: “Royal Dutch/Shell Group of Companies and Repsol YPF announce Friday the signing of a sale and purchase agreement relating to the divestment of Shell Gas (LPG) business in Portugal” (ShellNews.net) Posted 11 Dec 04

DOW JONES NEWSWIRES

Edited Press Release

LONDON -- Royal Dutch/Shell Group of Companies and Repsol YPF announce Friday the signing of a sale and purchase agreement relating to the divestment of Shell Gas (LPG) business in Portugal.

Shell will continue to operate in Portugal through its Lubricants business and the Madeira distribution terminal (Madeira Praia Formosa S.A.).

The divestment of the Shell Gas (LPG) Portugal, subsidiaries and shareholdings, includes the assets of two LPG filling plants, more than two million cylinders, supply, distribution and customer contracts covering mainland Portugal and the islands of Madeira and Azores.

The sale is subject to regulatory approval and completion is expected in the first quarter 2005.