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Portfolio actions

In Pipelines, we formed Shell Midstream Partners, L.P.

In Lubricants, with our joint-venture partner Hyundai Oilbank, we opened a base oil manufacturing plant in Daesan, South Korea (Shell interest 40%).

In Chemicals, Shell has taken full control of Ellba Eastern (Pte) Ltd, through the acquisition of the outstanding 50% interest. The company, which was already operated by Shell, produces styrene monomer and propylene oxide. The buyout enables integration with and optimisation of Shell’s existing asset base on Jurong Island, in Singapore, allowing for future growth. With our partner Qatar Petroleum, we have decided not to proceed with the Al Karaana petrochemicals project in Qatar.

Our Raízen joint venture in Brazil has commissioned a second-generation biofuels plant.

We continued to review our portfolio to divest positions that fail to deliver competitive performance or no longer meet our longer-term strategic objectives.

We sold the majority of our Downstream businesses in Australia and Italy. In Australia, we retained the aviation business; in Italy we retained the lubricants business.

We sold our shareholdings in the Kralupy and Litvinov refineries in the Czech Republic. We announced our intention to explore viable options for the Port Dickson refinery in Malaysia (Shell interest 51%), including the potential sale or conversion of operations to a storage terminal.

We signed an agreement to sell our retail, commercial fuels and bitumen businesses and supply terminals in Norway to ST1. They will continue to operate under the Shell brand. We intend to continue to operate the aviation business as a joint venture with ST1. The Gasnor, marine and lubricants businesses are not included in the agreement.

We have signed an agreement for the sale of our retail, aviation and commercial fuels business in Denmark. We are pursuing the sale of our Fredericia refinery separately. We intend to continue to sell lubricants via a distributor.