Clifford Chance has advised energy giant Shell on the binding sale of its Australian downstream businesses to Dutch-owned energy company Vitol for $2.9 billion.
The sale includes Shell’s Geelong refinery and its 870 retail businesses, as well as its bulk fuels, bitumen and lubricant businesses.
The Clifford Chance team was led by Perth-based partner Tracey Renshaw, who worked alongside international partners Kathy Honeywood in London and and Geraint Hughes in Singapore.
Shell's legal team was led by Damis Shaharudin of the Downstream Portfolio group.
The deal includes a brand licence which means Shell’s petrol stations will retain their names. Shell will keep its aviation branch and its Brisbane based lube and grease plants.
Clifford Chance previously advised Shell on its US$4.4 billion acquisition of part of Repsol's LNG portfolio, as well as the sales of its retail, supply and distribution, logistics and aviation businesses in Italy to affiliates of Kuwait Petroleum International.
The Australian deal remains subject to regulatory approvals and is expected to close in 2014.
