AFP
Shell says in talks to sell refineries

Fri Oct 30, 9:03 AM ET

LONDON (AFP) - Energy giant Royal Dutch Shell is in "exclusive" talks to sell three European refineries to Indian conglomerate Essar, a company spokesman told AFP.

The spokesman said that the assets comprised Britain's Stanlow refinery in Ellesmere Port, Cheshire, and two German facilities in Hamburg and Heide.

In addition, he added that Shell was still seeking to sell its Montreal East refinery in Canada, as well as New Zealand downstream operations.

Shell is looking to save cash and slash costs as it fights back against a global economic downturn that has slashed energy demand and oil prices.

On Thursday, Shell had revealed a 62-percent net profit slump in the third quarter, blaming weak oil prices and warning over the gloomy outlook.

Quarterly profit tumbled to 3.25 billion dollars, compared with 8.45 billion dollars in the same period of 2008.

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