French oil company Rubis SA yesterday announced it had completed the purchase of Shell Oil?s operations in Bermuda.

According to a statement on the company?s website, Shell?s business in Bermuda will continue to be marked under the Shell brand.

Terms of the purchase were not disclosed.

Rubis revealed that Shell, which owns two major fuel depots, one liquefied natural gas terminal and 12 gas stations, has sales of $45 million per year in Bermuda and net income of $3.6 million.

Terms of the sale were not disclosed.

The agreements signed with Shell provide for a licence to use the Shell brand in the service stations as well as finished goods supply contracts.

Bermuda has a robust economy and has developed a strong services and tourism sector.

Rubis already has an extensive network of energy businesses in the Caribbean and French Guiana.

The deal was announced in July at when Phil Burton, country chairman of Royal Dutch/Shell Companies Bermuda said a final decision was subject to the approval of shareholders and the Bermuda regulatory authorities.

Shell has had the Bermuda operation on the market since late 2005.

Rubis is one of the largest bulk storage operators in France. Through Rubis Gaz, the company distributes liquefied petroleum gas (LPG) to retailers as well as propane and butane to residential and commercial customers.