Oil and gas major Royal Dutch Shell has decided against selling its LPG unit for financial reasons, the company has said. The firm had been trying to sell the unit for the past 18 months.
A report from Reuters put the value of the business at around GBP1.1 billion. Shell told the media that the move was purely financially motivated, and did not represent a change of strategy.
Having fully tested the market, we have concluded that there is better value for Shell shareholders in retaining these profitable businesses, Ron Blakely, executive vice president of finance for Shell downstream, said in a statement.
The Spanish firm YPF Repsol reportedly offered E2.5 billion for the business in December 2005.