The sale includes Shell’s retail, commercial fuels, bitumen, chemicals, supply and distribution, and liquefied petroleum gas (LPG) businesses, as well as a lubricants oil blending plant. The purchase price is EUR245.6m (around $300m). With the completion of the agreement, Shell Hellas company name will change to Coral.

Mark Williams, downstream director of Shell, said: “The decision to sell our downstream businesses in Greece follows a comprehensive strategic review. It fits with our drive to simplify our global downstream portfolio and concentrate on larger, integrated assets in growth markets.”

The deal also includes the creation of a marketing joint venture (MJV) between Shell and Motor Oil Hellas for the trade of aviation fuels under the company name Shell & MOH Aviation Fuels.

The Shell retail network of around 700 retail stations, as well as the new aviation joint venture, will retain the Shell brand and products through trademark licensing agreements. The LPG business will continue to operate under its new name, Coral Gas.