Shell Selling Share of Queensland Curtis LNG for $2.5 Billion
MELBOURNE (Reuters) – Shell announced it will sell sell a 26.25% stake in its Queensland Curtis LNG facilities to Global Infrastructure Partners Australia for $2.5 billion, helping the oil major meet its annual target for divestments.
“This decision is consistent with Shell's strategy of selling non-core assets in order to further high-grade and simplify Shell's portfolio,”the company said in a media release.
Shell hopes to raise $4 billion a year from asset sales, and this move puts it on course for this year, following the divestment of its Martinez refinery and Appalachia shale gas assets.
The plant is majority owned by Shell, with minority stakes owned by China National Offshore Oil Corp and Tokyo Gas Co.
The stake Global Infrastructure Partners has bought gives it a piece of a U.S.-dollar denominated, inflation-linked usage fee paid by CNOOC and Tokyo Gas over about 15 years, regardless of the LNG plant's throughput.
Global Infrastructure Partners was not immediately available for comment on the deal.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- U.S. House Passes Bill to Reverse Biden's LNG Pause
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- Evacuation Technologies to Reduce Methane Releases During Pigging
- U.S. Regulators Approve Mexico Pacific LNG's Saguaro Connector Pipeline
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Russian LNG Unfazed By U.S. Sanctions
Comments