Texaco Press Release - Texaco and Shell Complete Retail Asset Swap in Poland and the UK
FOR IMMEDIATE RELEASE - 30 NOVEMBER 1999
London, 30 November 1999 - Texaco and Shell Europe Oil Products today announced the successful completion of an agreement to swap retail assets in Poland and the UK, subject to regulatory approval in Poland. This follows the announcement on 26 August 1999 that the two companies had signed a Memorandum of Understanding.
The agreement involves Texaco exchanging its network of 21 sites, as well as a number of greenfield sites, in Poland for 27 Shell service stations in the UK. The agreement is expected to come into effect during first quarter of 2000, upon approval by the Polish authorities, and the transfer and re-branding of the UK sites is expected to take place immediately after.
Texaco remains committed to its commercial and industrial lubricants business in Poland, which is not included in this agreement.
The 27 newly-acquired sites will be added to Texaco's company-owned network, increasing the total number of branded sites in the UK to 1,415.
Commenting on this agreement, Roger Ebert, Managing Director, UK & Ireland, said: "The addition of the 27 new sites to our UK company-owned network will further strengthen our position in the UK, where Texaco's share of the inland gasoline market now stands at 14.5 per cent. This move fits with our strategy of focusing on our core refining and marketing activities in North-West Europe."
Updated: November 1999