Ben Van Beurden, Shell Chief Executive
Shell is carrying out a strategic review of its downstream assets in Argentina as part of a global divestment plan.
The review includes the 110,000 barrels a day Dock Sud refinery in Buenos Aires province, its network of around 600 service stations, trading and supply, and its chemicals sector, the company confirmed. Shell chief executive Ben van Beurden talked of the divestment plans at a closed-door conference in New York yesterday.
The company's commercial interests in Argentina, including its LPG, aviation and maritime fuel and lubricants are also part of the review. Shell emphasized that even as it looks to divest from the downstream sector, it is committed to holding on to its upstream assets.
"Our global investment in shale is a priority for future growth starting in 2020, so we are committed to the development and growth of our unconventional business in Argentina in coming years," Shell said.
Shell holds acreage in Argentina's Vaca Muerta shale formation and it is one of several foreign companies, including ExxonMobil and Total, that are carrying out pilot projects in the area.
This is not the first time Shell has looked to sell its downstream assets in Argentina.
When the major's local subsidiary was led by chief executive Juan José Aranguren, it often clashed with the previous administrations of late former president Nestor Kirchner and his successor, Cristina Fernandez de Kirchner.
Aranguren is currently serving as energy minister under President Mauricio Macri.
Share this:
