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In an announcement released yesterday, Shell did not disclose the financial terms.

Shell Autoserv is a network both in Thailand and Malaysia providing overall car-maintenance services, including tyre and lubricant sales. BSHT is the Thai sub-subsidiary and BSTM the Malaysian subsidiary of Bridgestone Corp.

The agreements relate to a network of 64 outlets in Thailand and eight in Malaysia. In addition, Shell will continue to supply lubricants to these outlets through a long-term supply agreement with Bridgestone.

"This divestment has no effect on Shell's other businesses in the country," said Shell CEO Surasak Kosadat. "The company remains a major investor in Thailand's oil industry through its recent investment in the fuel retail market and the opening of a new facility in our lubricant-oil blending plant. The business has been sold as a going concern, and our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition of the sale."

The decision is consistent with Shell's ongoing strategy of active investment and portfolio management.

The Nation