11:14 - 7.06.2023

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June 7, Fineko/abc.az. Oil & gas concern Shell plans to exit its retail business in the UK, Germany and the Netherlands, as revenues in this area turned out to be low.

ABC.AZ reports that the company has already started the sales process, hoping to reach agreements with potential buyers in the coming months.

Shell launched a strategic review of the European retail business in January and has already started the sales process. The company is engaged in the production, processing and marketing of hydrocarbons in more than 70 countries. The headquarters is located in The Hague, Netherlands.

"The sale process is already underway, with the intention of reaching an agreement with a potential buyer in the coming months," the company said.

The amount of the transaction and the buyer were not disclosed, but earlier analysts estimated the cost of Shell Energy in the range of $50 million to $100 million - they find it difficult to give the most accurate estimate, citing market volatility after the start of Russia's military invasion of Ukraine.