LONDON (MarketWatch) -- Royal Dutch Shell PLC /quotes/comstock/23s!e:rdsa (UK:RDSA 2,193, +19.00, +0.87%) /quotes/comstock/13*!rds.a/quotes/nls/rds.a (RDS.A 70.66, -0.35, -0.49%) said Monday that it has agreed to sell the majority of its shareholding in most of its downstream businesses in Africa to Vitol and Helios Investment Partners for around $1 billion. Shell said it will set up two new joint venture companies with energy firm Vitol and private equity group Helios. The first joint venture will own and operate Shell's existing oil products, distribution and retailing businesses in 14 countries and will be 80% owned by Vitol and Helios, with Shell retaining the remaining 20% stake. The second will own and operate Shell's existing lubricants blending plants in seven countries. Shell said it will retain a 50% stake in the second company. Completion of the deal will take place in phases through 2011 and the first half of 2012.
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