Shell sells Thailand stake for $750 million

Posted by On 8:36 AM

Shell sells Thailand stake for $750 million

  • Anglo-Dutch energy giant Shell Chief Executive Officer Ben van Beurden speaks during Shell's Capital Markets Day media presentation in London on June 7, 2016.  Energy giant Royal Dutch Shell on Tuesday increased by 1.0 billion USD the amount it expects to make in cost savings from its mega takeover of smaller British rival BG Group. / AFP PHOTO / ADRIAN DENNISADRIAN DENNIS/AFP/Getty Images Photo: ADRIAN DENNIS, Stringer / AFP or licensors

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Anglo-Dutch energy giant Shell Chief Executive Officer Ben van Beurden speaks during Shell's Capital Markets Day media presentation in London on June 7, 2016. Energy giant Royal Dutch Shell on Tuesday increased by 1.0 billion USD the amount it expects to make in cost savings from its mega takeover of smaller British rival BG Group. / AFP PHOTO / ADRIAN DENNISADRIAN DENNIS/AFP/Getty Images less Anglo-Dutch energy giant Shell Chief Executive Officer Ben van Beurden speaks during Shell's Capital Markets Day media presentation in London on June 7, 2016. Energy giant Royal Dutch Shell on Tuesday ... more Shell sells Thailand stake for $750 million Back to Gallery

Royal Dutch Shell said Wednesday it is selling its stake in an offshore Thailand field for $750 million.

Shell will unload its 22.22 percent interest in the Bongkot field to Thailand's PTT Exploration and Production, which will own 66.67 percent of the field. Paris-based Total will continue to own the remaining one-third stake.

The deal is part of Shell's overall effort to divest itself of $30 billion of its assets over a three-year period. Shell is nearing the completion of the overall target.

Shell has focused on selling off parts to cut down the debt it acquired from the $50 billion acquisition of the United Kingdom's BG Group in 2015.

Source: Google News Thailand | Netizen 24 Thailand

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