Royal Dutch Shell (RDS) has signed an agreement to sell its downstream business in Argentina to RaÃzen, a joint venture set up in 2011 between Shell and Cosan ( CZZ ), for $0.95 billion in cash proceeds at completion.
The sale includes the Buenos Aires refinery, around 645 retail stations, liquefied petroleum gas, and lubricants businesses, as well as supply and distribution activities in the country, according to a statement.
Additionally, after the transaction closes, the businesses acquired by RaÃzen will continue their relationships with Shell through various commercial agreements, which represent an estimated value of $0.3 billion.
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