Shell reaps $2.5 billion from sale of minority stake in Queensland Curtis LNG facilities

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© Reuters. A Shell logo is seen at a gas station in Buenos Aires

By Sonali Paul

MELBOURNE (Reuters) – Shell (LON 🙂 said on Monday that it has agreed to sell a 26.25% stake in its Queensland Curtis LNG (QCLNG) facilities to Global Infrastructure Partners Australia for $ 2.5 billion. .

Shell, advised by Rothschild & Co, released a minority stake in the asset for sale earlier this year after infrastructure investors expressed interest in the asset, which has a guaranteed earnings stream for 15 years.

The selling price was in line with analysts’ expectations.

“This decision is in line with Shell’s strategy to sell non-core assets to promote high-grade and simplify Shell’s portfolio,” the company said in a statement.

Shell aims to raise $ 4 billion a year from the sale of assets. The sale to Global Infrastructure Partners sets the target for this year following the divestment of the Martinez refinery and the Appalachia shale gas assets.

The QCLNG plant is majority owned by Shell, with minority interests owned by China National Offshore Oil Corp and Tokyo Gas Co.

The effort purchased by Global Infrastructure Partners gives it a slice of a US dollar, inflation-based usage fee paid by CNOOC (NYSE 🙂 and Tokyo Gas for about 15 years, regardless of the capacity of the LNG facility.

Global Infrastructure Partners was not immediately available for comment.

Shell’s remaining 73.75% share in the common facilities is in line with its share in the total QCLNG venture, which produces liquid at a factory of 8.5 million tonnes per year for export mostly to China and Japan.

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