Shell has agreed to sell its Shell Marketing Egypt retail and commercial fuels activities in Egypt to Total for an undisclosed fee, but the company said it is holding onto the lubricants business.

Shell made it clear it is not pulling out of Egypt. “Shell’s upstream business in Egypt is not impacted by this announcement,” Shell said in a statement last Wednesday. “Shell’s upstream (business) maintains a meaningful and long-term operation in the country, and Egypt remains an important country for Shell."

The sale is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets.

Completion of the deal is not expected for “several months”, Shell said.