epa04092336 (FILE) Outside view of the Shell refinery in Geelong, south of Melbourne, Australia, 04 April 2014. Royal Dutch Shell plc said on 21 February 2014 it was selling all of its 870 Australian service stations and the Geelong oil refinery to Rotterdam-based energy trader Vitol for 2.9 billion Australian dollar (2.6 billion US dollar). The move is in line with sales of refineries in Britain, Germany, France, Norway and the Czech Republic. Shell is also selling downstream businesses in Egypt, Spain, Greece, Finland and Sweden. EPA/JULIAN SMITH
SYDNEY: Top global oil trader Vitol SA has agreed to buy Royal Dutch Shell’s Australian refinery and petrol stations for about US$2.6bil in its biggest acquisition, looking to grab a share of a growing oil product market.
The purchase will pit Swiss-based Vitol against archrival Trafigura, which became Australia’s largest independent fuel retailer last year in a market where the less nimble oil majors are looking to cut losses.
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