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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Vitol completes acquisition of Shell’s Australian downstream business
Viva Energy Australia (Viva Energy) was launched on 13 August, following the completion of Vitol’s $2.6bn (A$2.9bn) acquisition of Shell’s Australian downstream business. Viva Energy comprises Shell’s Geelong refinery and 870-site retail business, along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia. The new company will be the exclusive distributor of Shell branded fuels and lubricants in Australia. The majority of Shell’s downstream staff in Australia will remain with Viva Energy.
According to Scott Wyatt, CEO of Viva Energy, the company plans to invest $1bn over the next five years in order ‘to meet more than a quarter of Australia’s fuel needs efficiently and safely’.
The completion of this transaction further increases Vitol’s downstream exposure. Vitol acquired Shell’s downstream assets in Africa in February 2011, creating Vivo Energy, a joint venture between Vitol (40%), Helios Investment Partners (40%) and Shell (20%). Vivo Energy operates more than 1,300 service stations across Africa under the Shell brand, and has access to 1.2mn cm of storage. Meanwhile, in July 2014 Varo Energy, a joint venture between Vitol (50%) and Carlyle International Energy Partners (50%), completed the acquisition of assets including a stake in the Bayernoil refinery and certain downstream assets owned by OMV in Germany.
News Item details
Journal title: Petroleum Review
Region: Asia-Pacific
Countries: Australia -
Subjects: Retail and marketing, Refining
