THE HAGUE (dpa-AFX) - Royal Dutch Shell PLC (RDS-B, RDSB.L, RDSA.L, RDS-A) announced Monday that its unit QGC Common Facilities Company Pty Ltd agreed to the sale of a 26.25% interest in the Queensland Curtis LNG or QCLNG Common Facilities to Global Infrastructure Partners Australia for $2.5 billion.
The Common Facilities are currently fully owned by Shell and include LNG storage tanks, jetties and operations infrastructure that service QCLNG's LNG trains.
The transaction is subject to regulatory approval in Australia and customary conditions. It is expected to complete in the first half of 2021.
Upon completion of the sale, Shell will remain majority owner and operator of the Common Facilities. The deal aligns Shell's interest in the Common Facilities with its 73.75% interest in the overall QCLNG venture.
The sale will contribute to Shell's expected divestment proceeds, without impact on people or the operations of the QCLNG venture.
The company said the decision is consistent with its strategy of selling non-core assets in order to further high-grade and simplify Shell's portfolio.
Copyright RTT News/dpa-AFX
© 2020 AFX News
