THE HAGUE, Netherlands, Nov. 2 (UPI) -- After reporting heavy losses for the third quarter, Royal Dutch Shell said Monday it sold off stakes in Chinese and French holdings in the downstream sector.
For $510 million, Shell said it sold off its liquefied petroleum gas business in France to rival DCC Energy. The divestment includes the staff from business entity Butagaz and the brand.
In China, for a confidential sum, the Dutch supermajor said it sold a 75 percent stake in a lubricants division to Chinese investment firm Huo's Group and U.S.-based multinational investor The Carlyle Group.
"Both divestments are consistent with Shell's strategy to concentrate its downstream footprint on assets and markets where it can be most competitive, and to divest its LPG businesses worldwide," the Dutch company said in a statement.
Shell is among the major energy companies reporting heavy losses during the market downturn. In mid-2015, the company said it was cutting about 7 percent of its total workforce, or around 6,500 jobs, after reporting weak results for the second quarter.
Chief Financial Officer Simon Henry said in a statement last week the company was reporting huge losses in part because of the low price of crude oil.
"Shell's oil price cash break-even point over the last 12 months has been around $60 per barrel," he said.
The price for Brent crude oil, the global benchmark, was $48.86 early Monday.
For the third quarter, Shell reported a loss of $7.4 billion, compared with a $4.5 billion profit during third quarter 2014.