Shell, Varo in talks on German refinery stake sale
12/15/2016 9:26:58 AM
LONDON (Reuters) -- Royal Dutch Shell and Varo Energy are in advanced talks on the sale of Shell's 37.5% stake in the 220,000 barrels per day refinery in Schwedt, Germany, they said on Thursday.
The companies did not disclose the value of the deal.
Varo Energy, a joint venture between the world's biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.
Shell is in the midst of a $30 billion asset disposal program following February's $54 billion acquisition of BG Group.
Reporting by Ron Bousso; editing by Susan Thomas
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