Shell cancels $900 mn sale Thai subsidiaries KUFPEC

Shell cancels $900 mn sale of Thai subsidiaries to KUFPEC

8:03 AM, 4th October 2017
Shell logo
Logo of the company Shell seen at a retail site in US. (File photo)

THE HAGUE, NETHERLANDS: Royal Dutch Shell plc has cancelled a $900 million sale of its two Thailand subsidiaries – Shell Integrated Gas Thailand Pte Limited (SIGT) and Thai Energy Co Limited (TEC) to KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC).

SIGT and TEC together hold a 22.222 percent equity stake in the Bongkot field and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48. Shell’s partners in the Bongkot asset are operator of the field, PTT Exploration & Production (PTTEP), with 44.445 percent equity, and Total with 33.333 percent equity.

SIGT and TEC will continue to support PTTEP in both the safe and efficient operation and further development of Bongkot.

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