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Wednesday, July 12, 2006

Shell Fiji seals deal

Shell has finalised the sale of its business in several Pacific Islands including Fiji. In a press statement, the company said it had signed sales and purchase agreements with buyers for the sale of its businesses in Fiji, Tonga, New Caledonia, Vanuatu and French Polynesia. The sales were conditional upon government approval and were expected to be completed in late 2006 or early 2007.

The sale covers Shell's distribution, marine, lubricants, commercial fuels and retail businesses.

The businesses in Fiji and Tonga will be purchased by Total Oil while businesses in Vanuatu and French Polynesia will be purchased by Albert Moux and Partners. Total Oil is a French company partly owned by the French Government.

Shell had previously advised the sale of its business in PNG to Inter Oil Products Limited. The status of Shell's business in the Solomon Islands and its aviation businesses in the Cook Islands will be the subject of further announcement.

The company said that Shell's business in the Pacific Islands were operating in a market with good, long-term prospects, a loyal customer base, professional staff and reliable business partners.

From Shell's perspective, the business in the Pacific remained small which was the reason for the sale. However, the businesses had a history of good cash and operational performance.

Note from GV : Foreign investors wishing to set up business or invest in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary licences, permits and approvals required for setting up. We provide other business advisory services as well. Our contacts are : telephone +679 3396427 or e-mail gilbert@connect.com.fj.

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