JAKARTA, May 23 (Xinhua) -- Energy and petrochemical company PT Shell Indonesia has agreed to transfer ownership of its Indonesia mobility value chain business to a new joint venture between Citadel Pacific Limited and Sefas Group.
In a press release on Friday, the company stated that the decision is part of Shell's strategy to transform its portfolio and aligns with its Capital Markets Day commitments.
"Shell's mobility business will continue its current operations until the ownership transfer is completed, which is expected by next year," the company said.
Upon completion, the Shell brand will remain in Indonesia through a brand licensing agreement, and Shell Trading will continue to supply fuels. The lubricants business will remain under Shell's direct management.
PT Shell Indonesia, which currently manages around 200 branded mobility sites in Indonesia, over 160 of which are company-owned, was previously wholly owned by Shell plc. Citadel Pacific is a Shell brand licensee in several Asia-Pacific regions including Guam, Saipan, and Hong Kong, while Sefas Group is the largest Shell lubricants distributor in Indonesia. ■
