1st Nov 2022 10:03
(Alliance News) - Shell PLC on Tuesday said it completed the sale of its 100% shareholding in Shell Philippines Exploration BV, or SPEX, to Malampaya Energy Xp Pte Ltd, a subsidiary of Prime Infrastructure Capital Inc.
In May 2021, Shell said it agreed to sell its interest in SPEX for up to USD460 million. In the release on Tuesday, Shell did not disclose a financial sum.
Under the ownership of Prime, SPEX will continue to have a 45% operating interest and be the operator of the Malampaya gas field in the Philippines, Shell said. Other members of the service contract are UC38 LLC, a subsidiary of Udenna Corp, and PNOC Exploration Corp, which own 45% and 10% respectively.
"This deal has no impact on other Shell businesses in the country. The Philippines remains an important country for Shell after over a century of successful operations. Shell will continue to pursue opportunities in the Philippines where it can leverage its global expertise in line with its Powering Progress strategy," Shell said.
Shell shares were 1.9% higher at 2,450.72 pence each in London on Tuesday morning.
By Tom Budszus; [email protected]
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