MOSCOW (MRC) -- British-Dutch multinational oil and gas giant Royal Dutch Shell plc has announced it has completed the sale of its shares in Shell entities in New Zealand, to OMV for USD578 million, as per EnergyWorld.
This includes the Maui, Pohokura, and Tank Farm assets, and the sale of Shell’s interest in (and operatorship of) the Great South Basin venture, which was subject to a separate agreement.
The company said in a statement the sale is consistent with Shell’s global drive to simplify the upstream portfolio and re-shape the company into a world-class investment.
"We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company’s history. Shell staff in New Zealand, past and present, have been key to building a successful New Zealand business. I wish our colleagues all the very best as OMV takes the business forward," said Zoe Yujnovich EVP, Australia and New Zealand.
Employees of Shell Taranaki Limited and Shell NZ 2011 Limited are now part of OMV New Zealand.
As MRC wrote before, in March 2016, Royal Dutch Shell Plc began lining up assets for a USD30 billion divestment program that might be extend from the US and Trinidad to India following its record takeover of BG Group Plc.
Royal Dutch Shell, commonly known as Shell, is an Anglo–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom.Created by the merger of Royal Dutch Petroleum and UK-based Shell Transport & Trading, it is the fourth largest company in the world as of 2014, in terms of revenue, and one of the six oil and gas "supermajors".
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