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Shell, BP consider selling Australian refineries, petrol stations: AFR

[January 07, 2014]  SYDNEY (Reuters) — Royal Dutch Shell <RDSa.L> and BP <BP.L> are considering the sale of refineries and petrol stations in Australia to free up cash, the Australian Financial Review reported on Tuesday.

Royal Dutch Shell are in talks with two parties — an unnamed large private equity firm and a consortium including investment bank Macquarie Group <MQG.AX> — over the A$3 billion ($2.69 billion) sale of 900 petrol ­stations and its refinery in Geelong, the Australian Financial Review said, citing sources, who described the talks as "preliminary".

BP is examining a A$3 billion sale of its petrol stations and refineries in Queensland and Western Australia, the Australian Financial review reported, citing no sources.

The Australian Financial Review said both Shell and BP would use the cash generated for their energy production business segments.

The Australian Financial Review also reported market speculation that Chevron <CVX.N> may follow BP and Shell and consider selling out of service stations in Australia.

($1 = 1.1159 Australian dollars)

(Reporting by Colin Packham, editing by David Evans)

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