Shell sells stake in Australian gas project

THE HAGUE, Netherlands (AP) — Royal Dutch Shell PLC says it has agreed to sell its stakes in an Australian liquefied natural gas project to the Kuwaiti Foreign Petroleum Exploration Company for $1.135 billion (840 million euros).

Shell announced Monday it is selling its eight percent stake in the Wheatstone-Iago joint venture and its 6.4 percent interest in the Wheatstone liquefied natural gas project. Shell CEO Ben van Beurden says in a statement the company is "making hard choices in our world-wide portfolio to improve Shell's capital efficiency."

The state-run Kuwaiti company already is a partner in the Wheatstone joint venture. Last Friday, Shell warned that its fourth-quarter profit will be worse than most analysts expected due to lower production higher costs and a worse performance by its refining division.

Related Headlines

  • Oil drilling on US Arctic coast put on ice

    Oil companies' rush to find reserves off Alaska's Arctic shores suffered a setback on Thursday after Shell said it would suspend its operations in the region — and possibly ... 

  • Peter Voser

    Shell Q3 profits hit by lower production

    Royal Dutch Shell PLC, Europe's largest oil company, says third quarter earnings fell due to weaker demand for fuel and a drop in output, particularly in Nigeria, where ... 

  • Shell floats hull of enormous rig

    Royal Dutch Shell PLC says it has completed building the hull of the world's largest floating facility, which has been constructed to process natural gas off the coast of ... 

  • Fiat Chrysler: can boost output to 6M cars a year

    Fiat and Chrysler CEO Sergio Marchionne said Monday that the merged company will be able to increase production to more than 6 million cars a year, a level he has long said ... 

Find the best rates

Find your future job here