Motor Oil to acquire Greek Shell

Shell has agreed to sell the majority of its Greek operations to Motor Oil (Hellas) Corinth Refineries in a deal worth €219.1m (£198.8m).

The Greek refining company will acquire the distribution and sales of fuels through Shell’s 700 petrol stations. It is agreed that the stations will remain under the Shell brand name for at least five years.

The acquisition also means Motor Oil will take over owned storage depots of 137,000cm total capacity in Kalohori, Amfilohia, Perama, Chania, Alexandroupoli and Rhodes.

In addition, it will acquire Shell’s lubricants blending operations plant in Perama, its chemicals storage and distribution business, and 49 per cent of its aviation fuel trading company.

In a separate deal, Motor Oil will purchase Shell’s liquefied petroleum gas business in Greece for €26.5m (£24m).