Shell plans to sell stake in Woodside
By Toby Sterling |
November 9, 2010, Tuesday
|
Print Edition
Print Edition
ROYAL Dutch Shell Plc said yesterday it plans to sell a 10 percent stake in Woodside Petroleum Ltd, Australia's largest independent gas and oil company, for around US$3.33 billion.
Shell said Swiss bank UBS had agreed to underwrite the sale of 78.34 million Woodside shares at A$42.23 (US$ 42.61) - a 7.9 percent discount to yesterday's closing price of A$45.86 per share. Shell will continue to hold an additional 24.27 percent of Perth-based Woodside, which it also plans eventually to sell.
Shell CEO Peter Voser said the oil giant was selling its holdings in Woodside because it prefers "direct interest in assets and joint ventures, rather than indirect stakes."
Woodside is the operator of Australia's North West Shelf project, which makes up about 40 percent of the country's total gas and oil production, with indirect stakes held by Shell, BP Plc, BHP Billiton, Chevron, Mitsubishi, and Mitsui.
Shell tried to buy Woodside in 2001, but the government of then-Prime Minister John Howard didn't allow it out of national interest.
In its statement yesterday, Shell cited two other recent deals to expand in Australia.
In September 2009, Shell, Exxon and Chevron agreed to build the A$43 billion Liquefied Natural Gas "Gorgon" project, also off Australia's Northwest coast.
Shell said its 25 percent share in that project would more than double its "directly owned" LNG production in Australia.
This year Shell and PetroChina jointly purchased Australia's Arrow Energy for US$3.05 billion.
Shell said Swiss bank UBS had agreed to underwrite the sale of 78.34 million Woodside shares at A$42.23 (US$ 42.61) - a 7.9 percent discount to yesterday's closing price of A$45.86 per share. Shell will continue to hold an additional 24.27 percent of Perth-based Woodside, which it also plans eventually to sell.
Shell CEO Peter Voser said the oil giant was selling its holdings in Woodside because it prefers "direct interest in assets and joint ventures, rather than indirect stakes."
Woodside is the operator of Australia's North West Shelf project, which makes up about 40 percent of the country's total gas and oil production, with indirect stakes held by Shell, BP Plc, BHP Billiton, Chevron, Mitsubishi, and Mitsui.
Shell tried to buy Woodside in 2001, but the government of then-Prime Minister John Howard didn't allow it out of national interest.
In its statement yesterday, Shell cited two other recent deals to expand in Australia.
In September 2009, Shell, Exxon and Chevron agreed to build the A$43 billion Liquefied Natural Gas "Gorgon" project, also off Australia's Northwest coast.
Shell said its 25 percent share in that project would more than double its "directly owned" LNG production in Australia.
This year Shell and PetroChina jointly purchased Australia's Arrow Energy for US$3.05 billion.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
