Shell pulls out of chemicals in Australia

Energy giant Shell is selling off all of its Australian ‘downstream’ businesses – including bulk fuels, bitumen, chemicals and part of its lubricants segment – to energy and commodity trader Vitol for $2.6 billion (£1.6 billion).

The deal includes Shell’s refinery at Geelong, but excludes its aviation fuel division as well as its lube oil blending and grease plants in Brisbane, which will be converted to bulk storage and distribution facilities. Shell expects Vitol to retain the majority of staff employed at the transferred plants.

Shell will continue its ‘upstream’ exploration and production activities in Australia.