Shell has sold a 26.5% interest of its 100% stake in Queensland Curtis LNG (QCLNG) project to Global Infrastructure Partners Australia for $3.25 billion in a deal which includes LNG storage tanks, jetties and operations infrastructure.
“This decision is consistent with Shell’s strategy of selling non-core assets in order to further high-grade and simplify Shell’s portfolio,” Shell said in a statement.
“The sale will contribute to Shell’s expected divestment proceeds, without impact on people or the operations of the QCLNG venture and aligns Shell’s interest in the common facilities with its 73.75 per cent interest in the overall QCLNG venture.”
Shell said the deal was expected to be completed in the first half of 2021, subject to regulatory approval in Australia and fulfilling customary conditions.
Shell said that natural gas remained a core component in its strategy to supply cleaner energy sources as the cleanest burning hydrocarbon and a compliment to expanding renewable energy technology.
The global supermajor has forecast that LNG demand will grow as world energy needs accelerate.