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Shell has confirmed that it has reached an agreement with Finnish energy company St1 Oy for the sale of its retail, commercial fuels and supply and distribution logistics businesses in Norway. In addition, Shell's aviation business in Norway is to become a 50-50 joint venture with ST1.

The sale is subject to regulatory approval and is expected to be completed in 2015.

The transaction includes a retail brand licence agreement to ensure that Shell's brand remains highly visible in Norway and that Shell fuels and lubricants products, and the euroShell loyalty card scheme, will continue to be available to customers in the country.

Shell said the deal will have no impact on its other businesses in Norway - Shell Energy Europe (SEE), Gasnor and Upstream, and that Shell lubricants will continue to be sold via a macro distributor.

The oil major added that the sale was consistent with its strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive. Recent examples include the sale of refineries in the UK, Germany, France, Norway and the Czech Republic, and downstream businesses in Australia and Italy.