El Pais – Spain: Galp finalises purchase of Shell's Spanish petrol station network (ShellNews.net)

Sep 03, 2004

Portuguese petrochemicals group Galp is now just one step away from acquiring no less than 264 or Anglo-Dutch counterpart Royal Dutch Shell's 388 petrol stations in Spain.

Only two issues remain to be finalised: the UK firm's 5 per cent stake in Spanish fuel distributor Compania Logistica de Hidrocarburos (CLH), and Shell's 74 petrol stations on the Canary Islands.

After yesterday's meeting between representatives of Shell and Galp, sources within the sector said that the Galp offer was the best that had been put on the table. The sale would be worth between 320m and 500m euros, depending on the assets involved.

On June 25, Shell sold its 303 petrol stations in Portugal to Spanish counterpart Repsol YPF for an undisclosed sum.

Original article by F. Gualdoni

Abstracted from El Pais