August 13, 2014 / 8:46 AM / in 4 years

Vitol completes purchase of Shell's Australian downstream

Aug 13 (Reuters) - Vitol SA has completed the acquisition of Royal Dutch Shell PLC’s Australian downstream businesses, a statement from Vitol said on Wednesday.

The acquisition led to the launch of Viva Energy Australia, which comprises of Shell’s Geelong Refinery and 870 service stations, its bulk fuels, bitumen and chemicals businesses and part of its lubricants businesses in Australia plus a brand licence arrangement and a distributor arrangement for Shell Lubricants.

“We expect to invest $1 billion over the next five years so we can continue to meet more than a quarter of Australia’s fuel needs efficiently and safely,” said Scott Wyatt, CEO of Viva Energy.

This A$2.9 billion ($2.60 billion) acquisition deal was announced in February this year.

Shell has been planning to sell the business as part of a reported worldwide divestment programme under CEO Ben Van Beurden, worth about $15 billion. ($1 = 1.1134 Australian dollars) (Reporting by Anupam Chatterjee in Bangalore, editing by William Hardy)

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