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 



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Kraton increases global price for SIS polymers

HOUSTON, US: Kraton Corporation, a leading global producer of styrenic block copolymers, speciality polymers and high-value performance products deriv ...

Read more
A Schulman appoints new operational sales director

AKRON, US: A Schulman Inc said that it has appointed Stacey Marsh as its operational sales director. Marsh (46) will manage the support resources that ...

Read more
CB&I opens new additive manufacturing lab at Texas Tech University

THE WOODLANDS, US: Chicago Bridge & Iron Company (CB&I) has officially opened its new CB&I advanced prototyping and manufacturing laborato ...

Read more
ADM to sell its crop risk services business for $127.5 million

CHICAGO, US: Archer Daniels Midland Company (ADM) has reached an agreement to sell its Crop Risk Services (CRS) business to Validus Holdings Ltd (VR) ...

Read more
Tessenderlo appoints new CEO for its American subsidiary TKI

BRUSSELS, BELGIUM: Tessenderlo Group (TESB) said that it has elected Steve Azzarello as the CEO of its subsidiary, Tessenderlo Kerley Inc (TKI). With ...

Read more
Enterprise to build isobutane dehydrogenation unit in US

HOUSTON, US: Enterprise Products Partners LP announced its plans to construct a new isobutane dehydrogenation (iBDH) unit in Mont Belvieu, Texas. This ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X