The total investment reaches a maximum of EUR 90 million provided preemption right is not exercised in Romania and clearance is obtained from the Competition Authorities in Bulgaria. Shell Gas Romania was a joint venture started in 1996 between Shell (which
held 55 percent) and Petrom (45 percent).
The businesses under review comprise the infrastructure base associated with the operations of storage, filing centers and import terminals. The geographical area represents EUR 180 million of sales turnover and volumes of 250,000 tons doubling Rubis's position in LPG distribution.
In Romania and Switzerland, the company would become the leading operator while the Czech Republic and Spain will offer niche market positions in petrol and bulk respectively.
Following the investment, Rubis would become the second largest independent European LPG operator with some 500,000 tons marketed in three geographical areas: Europe, the Caribbean and Africa.
Shell is a global group of energy and petrochemical companies active in more than 130 countries and territories, employing over 100,000 people worldwide. It entered the Romanian market in 1992 and invested some $200 million, with Shell Gas Romania and Transgas Services, the company's last businesses in Romania, form the object of the transaction.
Shell sold its last gas stations and activities in lubricants and aviation fuel to Hungary-based MOL, for some $70 million. The process was completed last year.