Shell to sell Wheatstone LNG interests in Australia for $1.14bn

20 January 2014 09:20  [Source: ICIS news]

SINGAPORE (ICIS)--Shell has agreed to sell its interests in Australia's Wheatstone liquefied natural gas (LNG) project to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $1.14bn, the Anglo-Dutch energy major said on Monday.

The sale includes Shell's 8% equity interest in the Wheatstone-Iago joint venture and its 6.4% interest in the 8.9m tonne/year Wheatstone LNG project in Western Australia, the company said in a statement.

“We are refocusing our investment to where we can add the most value with Shell’s capital and technology. We are making hard choices in our world-wide portfolio to improve Shell’s capital efficiency,” said Shell CEO Ben van Beurden.

KUFPEC is an existing joint venture partner in the Wheatstone project.

By: Nurluqman Suratman

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