Financial Times: Shell sells fuel business in Peru (ShellNews.net)

By James Boxell

Published: August 18 2004 05:00 | Last updated: August 18 2004 05:00

Royal Dutch/Shell has continued its cull of underperforming assets with the sale of its fuels business in Peru to Chile's Empresa Nacional del Petroleo (ENAP).

Shell did not disclose the value of the sale.

The Anglo/Dutch oil group said last month that it would sell non-core assets in the US and Peru, a move that would allow it to direct investment towards key countries such as Russia.

It has recently completed $1bn (£543m) of US pipeline and storage disposals, and is getting rid of its oil products businesses in Portugal and Spain.

ENAP is buying Shell's Peruvian service station network and its industrial and marine fuels business. Shell has retained the lubricants unit.

Shell said last month that the effect of the disposals on profits in the current year was likely to be "broadly neutral". James Boxell