French terminal operator and oil company Rubis is in negotiations with Shell for the purchase of all Shell's petroleum products distribution operations in Bermuda, excluding aviation.
The final contract remains subject to approval from Shell group shareholders and the relevant authorities, but is expected to be signed during the third quarter of 2006.
The acquisition involves 12 retail service stations, distribution assets and facilities, lubricants and liquefied petroleum gas businesses. These operations represent revenues of US$45 million, says Rubis, generating recurring net profit of US$ 3.6 million.The deal will give Rubis an independent logistics base consisting of two major import fuel storage areas and an LPG import terminal, making the company a leading player in Bermuda in service stations and LPG supply, says the company.
Rubis also acquired Shell's businesses in the West Indies and French Guyana in 2005.