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.

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