Thursday, July 31, 2014   

Shell offloads assets to Kuwaitis
(01-20 18:27)

Energy giant Royal Dutch Shell announced the sale of stakes in Australian natural gas assets for more than US$1 billion to a Kuwaiti state company.
Shell said it had agreed to sell its 8-percent equity interest in the Wheatstone-Iago gas field and 6.4-percent interest in the Wheatstone liquefied natural gas project for US$1.135 billion to the Kuwait Foreign Petroleum Exploration Company.
Shell's new chief executive officer Ben van Beurden said in a statement the company is “refocusing our investment to where we can add the most value with Shell's capital and technology,’’ and “making hard choices.’’
On Friday, the Anglo-Dutch group issued a profit warning saying that fourth-quarter earnings were set to be “significantly lower than recent levels of profitability.’’--AFP

   
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