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Shell reaps US$2.5 billion from sale of minority stake in Queensland Curtis LNG facilities Shell said on Monday it has agreed to sell a 26.25per cent stake in its Queensland Curtis LNG (QCLNG) facilities to Global Infrastructure Partners Australia for US$2.5 billion, helping the oil major meet its annual target for divestments.
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci
21 Dec 2020 09:55AM Share this content
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MELBOURNE: Shell said on Monday it has agreed to sell a 26.25per cent stake in its Queensland Curtis LNG (QCLNG) facilities to Global Infrastructure Partners Australia for US$2.5 billion, helping the oil major meet its annual target for divestments.
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Shell to sell Australian LNG stake for US$2.5bn
Bloomberg
Royal Dutch Shell PLC agreed to sell a minority stake at a liquefied natural gas (LNG) export project in Australia to Global Infrastructure Partners (GIP) for US$2.5 billion.
The oil major is to sell a 26.25 percent interest in the Queensland Curtis LNG Common Facilities in a deal that is expected to be completed in the first half of next year, the company said in a statement yesterday.
The common facilities are completely owned by Shell and include LNG storage tanks, jetties and infrastructure that service the venture.
Royal Dutch Shell PLC logos are pictured at a petrol station in Etlham, southeast London on Sept.30.
Shell sells $2.5B Australian LNG stake to GIP 12/21/2020
(Bloomberg) Royal Dutch Shell agreed to sell a minority stake at a liquefied natural gas export project in Australia to Global Infrastructure Partners for $2.5 billion.
The oil major will sell a 26.25% interest in the Queensland Curtis LNG Common Facilities in a deal that is expected to be completed in the first half of 2021, the company said a statement on Monday. The common facilities are currently completely owned by Shell and include LNG storage tanks, jetties and infrastructure that service the venture.
The deal comes as the oil giant targets annual divestment of $4 billion in a bid to shore up its balance sheets. Reducing its net debt will help Shell meet its pledge to boost dividends, which it cut earlier in the year for the first time since the Second World War.
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