Royal Dutch Shell ( RDS.A ) and Varo Energy said Thursday they are in "advanced talks" about the sale of Shell's 37.5% stake in the PCK Refinery in Schwedt, Germany.
The transaction would allow each company to move closer to its objectives, with Shell being able to focus on downstream activity, such as refining of petroleum crude oil and raw natural gas processing, "where it can be most competitive," the companies said in a joint statement on Thursday.
The deal would enable Varo Energy, which VARO Energy refines, stores and distributes oil products for the North West European market, to expand geographically to the northern and eastern part of Germany, and "further optimise their fuels value chain, the companies said.
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