Four investment banks are expected to sell up to $12bn (€9.7bn) of Royal Dutch Shell assets in the next three years. Shell, with no retained financial adviser, has hired Credit Suisse First Boston, Lazard, Citigroup and Rothschild in the past three months. UBS is named as broker.

Sales will include Shell's liquid petroleum gas distribution and marketing business, known as LPG, which has been put under strategic review following an unsolicited approach from an unknown buyer. Shell said it will now accelerate the process to re-structure LPG into a stand-alone global operation