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Shell's $30bn departure from Denmark's refining business canceled

Staff Writer |
A $30 billion divestment program will be completed this year even after an agreement to sell a Danish subsidiary dissolved, Royal Dutch Shell said.

Shell said an agreement signed in late 2016 with refiner Dansk Olieselskab terminated without the sale completing and operations would continue as usual under the Dutch supermajor's banner.

"Shell Group's $30 billion divestment program remains on track to complete in 2018, with deals worth $23 billion completed, $2 billion announced and $5 billion in advanced progress," the company said in a statement.

When it announced the agreement in September 2016, Shell said it would take in about $80 million in capital by leaving the Danish refinery sector behind.

The agreement included the Fredericia refinery that has the capacity to handle 70,000 barrels of product per day.

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