Shell sells its Thailand subsidiaries $900 million

Shell sells its Thailand subsidiaries for $900 million

6:55 AM, 1st February 2017
Shell logo
Logo of the company Shell seen at a retail site in US. (File photo)

BANGKOK, THAILAND: Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of its subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited.

Together these subsidiary companies hold a 22.222 percent equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for $900 million.

Shell’s partners in the Bongkot Asset are the operator of the field, PTT Exploration & Production, with 44.445 percent equity, and Total with 33.333 percent equity.

This transaction shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme, and is consistent with the company’s strategy to high-grade and simplify its portfolio following the acquisition of BG. This transaction is expected to be completed in Q1 2017.

© Worldofchemicals News 

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