1st Mar 2023 09:34
(Alliance News) - Shell PLC on Tuesday said it completed the sale of its 100% interest in Shell Onshore Ventures LLC, which holds a 52% stake in Aera Energy LLC, to Hamburg, Germany-based asset management group IKAV Capital Partners GmbH.
The sale was previously announced in September. Shell will receive USD2 billion in cash with additional contingent payments based on oil prices, with an effective date of October 1, 2021.
Shell said: "The sale is part of Shell's strategy to create a resilient and competitive Upstream portfolio by focusing on positions with high growth potential and a strong integrated value chain."
Since becoming chief executive officer at the start of 2023, Wael Sawan has moved to simplify the company, reducing the size of its executive committee. In January, in one of Sawan's first public acts as CEO, Shell said it will combine its Upstream division with its Integrated Gas arm, and its Downstream unit with its renewables offering, effective July 1.
By Tom Budszus, Alliance News reporter
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