.jpg)
2 hours ago
3
Article content
(Bloomberg) — Shell Plc is in talks with companies including a unit of Abu Dhabi National Oil Co. over a minority stake in its A$34 billion ($24 billion) North West Shelf gas export plant in Western Australia, according to people with knowledge of the matter.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The sale discussions with Adnoc’s XRG investment arm and suitors including Midocean Energy LLC, which counts Saudi Aramco as an investor, are at initial stages, said the people, who have direct knowledge of the negotiations. Other potential buyers are also circling, they said, asking not to be named as the conversations are not public.
Article content
Article content
Article content
Shell has been doubling down on LNG, but Bloomberg reported in September that it would explore a sale of its 16.67% stake in North West Shelf due to a planned transition into a so-called third-party tolling facility, where buyers pay a fee to liquefy the gas. It sold its share in the Browse LNG development in 2023, which would feed gas into North West Shelf.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“Shell regularly assesses its portfolio to inform disciplined capital allocation,” a Shell spokesperson said. “We continue to work closely with the North West Shelf partners to deliver value, maximize future performance and meet the needs of our customers.”
Article content
XRG declined to comment on market speculation. The company has been on the hunt for a way to enter the fast-growing Asian LNG market, but last year abandoned plans to buy Australian exporter Santos Ltd.
Article content
Midocean also declined to comment.
Article content
Woodside Energy Group Ltd. operates North West Shelf, Australia’s oldest and largest liquefaction plant. Other partners include BP Plc, CNOOC Ltd. and a venture between Mitsui & Co. and Mitsubishi Corp.
Article content
—With assistance from Anthony Di Paola, Mitchell Ferman, Koh Yoshida and Ruth Liao.
Article content
English (US)