Royal Dutch Shell (RDS.A, RDS.B) plans to focus on three bidders this month for its downstream oil assets in Argentina after drawing eight non-binding bids of $1B-$2B, Bloomberg reports.
The shortlisted suitors will enter the next phase of the sales process in the next 2-3 weeks, with Chile’s Grupo Luksic among the most appealing of the companies making offers, according to the report.
Shell put the assets, which include an oil refinery near Buenos Aires and ~600 refueling stations, up for sale earlier this year after a strategic review under the company’s $30B divestment plan to reduce debt.