Shell further cuts stake in Australia’s Woodside

The Hague-based LNG giant Shell has entered into a $1.7 billion (A$2.2 billion) deal with two investment banks to sell a stake in Australian LNG operator Woodside.

Shell’s subsidiary, Shell Energy Holdings Australia Limited (SEHAL), will sell 71.6 million shares in Woodside, representing 64% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of A$31.10 per share.

The sale is expected to complete on November 14, Shell said in a statement, adding that upon completion of the sale, SEHAL would continue to own a 4.8% interest in Woodside.

SEHAL has agreed that it will not dispose of any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, the statement said.

“This sale is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework,” Shell’s Chief Financial Officer, Jessica Uhl, said.

“Proceeds from the sale will contribute to reducing our net debt,” Uhl added.

Worth mentioning, Shell sold back in November 2010 about 10% of the issued capital of Woodside and in June 2014 the company sold approximately 9.5% of Woodside’s issued share capital.

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