December 15, 2016 / 10:35 AM / 7 months ago

Shell, Varo in talks on German refinery stake sale

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Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014.Sergei Karpukhin/File Photo

LONDON (Reuters) - Royal Dutch Shell RDSa.l and Varo Energy are in advanced talks on the sale of Shell's 37.5 percent stake in the 220,000 barrels per day refinery in Schwedt, Germany, they said on Thursday.

The companies did not disclose the value of the deal.

Varo Energy, a joint venture between the world's biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.

Shell is in the midst of a $30 billion asset disposal program following February's $54 billion acquisition of BG Group.

Reporting by Ron Bousso; editing by Susan Thomas

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