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Article: ENERGY: SHELL SELLS COLOMBIAN SUBSIDIARIES TO SAUDI ARABIA'S NIMIR
- Article from:
- Inter Press Service English News Wire
- Article date:
- October 7, 1995
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Inter Press Service English News Wire
10-07-1995
BOGOTA, Oct. 6 (OPECNA) -- After a nine-month process, Shell has
sold its Colombian subsidiaries, Hocol and Homcol, to the Saudi
Arabian firm Nimir Petroleum.
Shell said it had found that the two subsidiaries no longer
possessed the strategic profile that Shell was seeking worldwide.
Although the final settlement was not reported, Shell expressed
its satisfaction with the negotiations, undertaken by Salomon
Brothers.
Nimir, which is said to hold operations in Yemen, Romania,
Malta, the Sakhalin Islands, Azerbaijan and Indonesia, will assume
all the exploration, production and transportation activities of
Hocol and Homcol.
In 1994, Shell ...