Oil giant Shell is to sell its Finnish and Swedish operations, including a refinery in Gothenburg, to Finnish firm Keele Oy for $640 million in cash.

The deal includes the refinery, with production capacity of 87,000 barrels of crude oil per day, 565 petrol stations and Shell’s bulk fuel business in the two countries, Shell said in a statement on Wednesday.
The transaction is consistent with Shell’s downstream ‘strategy to reduce net refining capacity by 15%, to reduce our marketing footprint, and focus the portfolio on profitability and growth potential,’ said Shell downstream director Mark Williams.