Anglo-Dutch oil and gas major Shell said it has agreed to sell its Italian retail and aviation business to Kuwait Petroleum International (KPI).

"The sale is consistent with Shell's strategy to concentrate Shell's downstream footprint on a smaller number of assets and markets where we can be most competitive," the company said in a statement, without giving financial details.

Shell's Italian retail network will be rebranded Q8 as part of the agreement, the company said.

The transaction is subject to regulatory approval. - Reuters