Texaco Press Release - Texaco and Shell in Discussions to Swap Retail Assets in Poland and UK
FOR IMMEDIATE RELEASE: 26 AUGUST 1999
London, 26 August 1999 - Texaco and Shell Europe Oil Products today announced the signing of a non-binding Memorandum of Understanding concerning their intention to negotiate an agreement to swap retail assets in Poland and the UK.
The proposed agreement would see Texaco exchange its network of 19 service stations and two stand-alone convenience stores in Poland, for 25 Shell service stations in the UK.
The UK service stations would be added to Texaco's company-owned network of 500 sites, increasing the total number of branded sites in the UK and Northern Ireland to some 1,415.
This agreement would not include Texaco's Polish lubricants business that would continue as a separate operation.
The two companies will now undertake detailed discussions with the goal of finalizing the agreement, subject to all necessary regulatory approvals and following consultation with their staff representatives at national and EU level. Customers would start to see changes early in 2000.
Commenting on the proposed agreement, Roger Ebert, Managing Director, Texaco UK & Ireland said: "The addition of new Shell sites to our company-owned portfolio would further strengthen our position in the UK, where we are consistently increasing our retail market share. The move would also fit in with our wider strategy of focusing on our core refining and marketing activities in North-West Europe."
Updated: August 1999