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Shell sells - to Sol
posted on: Nov 22 2009 11:22 by The Reporter. Viewed 935 times.
Multinational Royal Dutch Shell announced last week that it is selling most of its Dominican busineeses to Barbados based Grupo Sol.
Shell, who operate in more than 140 countries worldwide are divesting themselves of their 137 Dominican gasoline stations along with associated distribution businesses, with the exception of Lubricantes Dominicanos (Lubridom).
The familiar yello shell logo will remain in the DR as the new owner has purchased the license to use the Shell brand in this country.
In a statement, Shell said that sale of these businesses will permit it to focus its investments in areas where it can substantially grow and at the same time it will enable investors in the DR to continue operating and serving this important market.
Completing and closing the sale depends on both parties, Sol and Shell, fulfilling certain agreed requisites, reported the Sol Group, which was set up through the acquisition of Shells distribution and retail outlets (service stations) in the Eastern Caribbean, Guyana, Suriname and Belize in February 2005. Sol acquired The Shell Company in Puerto Rico in August 2006, which became known as Sol Puerto Rico Limited. Sol purchased most of Essos assets in Suriname and Guyana in November 2007 and in Haiti on 29 February 2008.
The sale comes just months after Shell sold its 50% stake in Refidomsa (Dominican Petroleum Refinery) to the state.
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