21st Dec 2020 07:03
(Alliance News) - Royal Dutch Shell PLC on Monday said it has agreed to the sale of a 26% interest in the Queensland Curtis Liquefied Natural Gas common facilities to Sydney-based infrastructure fund manager Global Infrastructure Partners Australia for USD2.5 billion.
The common facilities are owned solely by oil major Shell, and include LNG storage tanks, jetties and operations infrastructure that service QCLNG's LNG trains.
Shell said this sale is consistent with its strategy of "selling non-core assets in order to further high-grade and simplify" its portfolio. The sale will "contribute to its expected divestment proceeds, without impacting on people or the operations of the QCLNG venture, and aligns its interest in the common facilities with its 73.75% interest in the overall QCLNG venture", it added.
Global LNG demand is expected to outpace total demand for energy, and the QCLNG venture is crucial in helping the company meet the world's growing energy needs, it additionally noted.
Subject to regulatory approval in Australia and customary conditions, the sale is expected to complete in the first half of 2021.
By Zoe Wickens; [email protected]
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