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Shell to sell stake in Wheatstone LNG to Kuwait for $1.1 billion

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Shell to sell stake in Wheatstone LNG to Kuwait for $1.1 billion Empty Shell to sell stake in Wheatstone LNG to Kuwait for $1.1 billion

Post by Cals Mon 20 Jan 2014, 18:57

Shell to sell stake in Wheatstone LNG to Kuwait for $1.1 billion
Business & Markets 2014
Written by Bloomberg   
Monday, 20 January 2014 16:32

(Jan 20): Royal Dutch Shell Plc, Europe’s largest oil company, will sell part of its holding in Wheatstone LNG assets in Australia to Kuwait Foreign Exploration Petroleum Co. for $1.135 billion.

Shell will sell an 8 percent stake in the Wheatstone-Iago joint venture and 6.4 percent in the Wheatstone LNG project in Western Australia to Kufpec, as the state-run Kuwait company is known, according to a statement today.

“Shell will remain a major player in Australia’s energy industry,” Shell Chief Executive Officer Ben van Beurden said. “We are making hard choices in our world-wide portfolio to improve Shell’s capital efficiency.”

Shell is stepping up asset sales as Van Beurden, who took charge at the start of the year, faces rising costs for new projects and stagnant oil prices. Shell, which spent a record $44 billion last year, said Jan. 17 that fourth-quarter earnings will fall to the lowest since 2009. The company signaled last year it may sell $15 billion in assets in 2014.
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