Shell wraps up QCLNG stake sale

Shell said on Monday it completed the previously announced stake sale in its Queensland Curtis LNG export plant to a unit of Global Infrastructure Partners, following the receipt of regulatory approval.

To remind, Shell revealed the $2.5 billion stake sale in December last year to Global Infrastructure Partners Australia, a unit of the US-based independent investment fund.

Shell now owns 80% of the QCLNG common facilities that include storage tanks, jetties and operations infrastructure that service the plant’s two trains.

In addition, the deal has no impact on the ownership structure and the LNG giant remains majority owner and operator of the facilities.

The Hague-based firm also has partners in the 8.5 mtpa plant. These include China’s CNOOC that owns 50% equity in Train 1 and Japan’s Tokyo Gas that has 2.5% equity in Train 2.

Shell says the deal is consistent with its strategy of selling non-core assets in order to “further high-grade and simplify the company’s portfolio.”

“The sale will contribute to Shell’s expected divestment proceeds, without impact on people or the operations of the QCLNG venture,” it said.

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

Shell shareholders re-elect CEO Wael Sawan

Wael Sawan will continue to lead London-based LNG giant Shell following shareholder voting at the company's annual general meeting on Tuesday.

Singapore’s FueLNG wraps up 400th STS bunkering operation

Singapore’s FueLNG, a joint venture consisting of Shell and Seatrium, has completed its 400th ship-to-ship (STS) LNG bunkering operation. FuelLNG delivered LNG to BYD Shenzen, which is said to be the world’s largest LNG-fueled car carrier.

Gladstone LNG exports up in April

Liquefied natural gas (LNG) exports from the Gladstone port in Australia’s Queensland rose 1.1 percent year-on-year in April, according to the monthly data by Gladstone Ports Corporation.

Peru LNG terminal shipped three cargoes in April

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped three liquefied natural gas cargoes in April due to restrictions on the transportation system, according to operator Hunt Oil.