Shell grows retail business in Malaysia

Royal Dutch Shell (Shell) announced the signing of an agreement with ConocoPhillips for the acquisition of 100% of its wholly owned subsidiary, Conoco Jet (Malaysia) Sdn Bhd, which operates the ProJet retail marketing assets in Malaysia. The deal comprises 44 ProJet branded retail service stations and 14 vacant land sites primarily in Kuala Lumpur, Selangor and the State of Johor in southern Malaysia. The acquisition is subject to regulatory approval, and completion is expected to be in the second half of 2007. After completion, the ProJeT stations will progressively be rebranded to Shell within six months. “The ProJet acquisition is consistent with Shell’s strategy – More Upstream and Profitable Downstream – where investing in fast growing eastern markets is crucial to business success,” said Mohzani Wahab, managing director of Shell Malaysia Trading. (April 16, 2007)