Shell acquire Repsol’s LNG portfolio outside North America

Shell to acquire Repsol’s LNG portfolio outside North America

4:57 AM, 27th February 2013
Shell to acquire Repsol’s LNG portfolio outside North America
Peter Voser, Chief Executive Officer, Shell.

THE HAGUE, THE NETHERLANDS: Royal Dutch Shell plc continues to expand its industry leadership in Liquefied Natural Gas (LNG), agreeing to acquire part of Repsol SA’s LNG portfolio outside of North America, including supply positions in Peru and Trinidad & Tobago, for a cash consideration of $4.4 billion. Shell will also assume and consolidate balance sheet liabilities predominantly reflecting leases for LNG ship charters of currently $1.8 billion. The balance sheet impacts are subject to final assessment prior to completion of the transaction.

The acquisition will add a new dynamic to Shell’s portfolio, namely LNG capacity in the West Atlantic from Atlantic LNG in Trinidad & Tobago, and in the East Pacific from Peru LNG. These additions will complement Shell’s existing LNG capacity in Africa, Asia, Australia, the Middle East and Russia. The acquisition should add some 7.2 million tonne per annum of LNG volumes through long-term off-take agreements, including some 4 million tonne per annum of equity LNG plant capacity. 

The transaction is expected to close in the second half of 2013 or early 2014, subject to regulatory approvals and other conditions precedent. “Shell’s world-wide LNG supply position and customer base means we are uniquely positioned to add value to Repsol’s LNG portfolio, including through Shell’s trading capabilities. By optimising the combined portfolios we will increase our ability to bring LNG to areas that need it the most, adding value for Shell, our partners and our customers,” said Peter Voser, Chief Executive Officer, Shell.

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