MOSCOW (MRC) -- Shell Gas Holdings, a subsidiary of Anglo-Dutch multinational oil and gas behemoth Royal Dutch Shell, has completed the sale of its 15% shareholding in Malaysia LNG Tiga to the Sarawak State Financial Secretary for USD750m, as per WebFG.
Shell will net approximately USD640m as a result of the transaction that will also see SFS, an existing MLNG Tiga shareholder, boost its stake in MLNG Tiga to 25%.
Petronas, Nippon Oil, and Diamond Gas, a Mitsubishi subsidiary, are also major shareholders in MLNG Tiga, which operates out of Petronas' LNG complex in Bintulu.
Shell said the disposal was consistent with its strategy to "simplify its portfolio" and reshape Shell into a simpler, more resilient and focused company.
Following the expiry of the MLNG Satu and Dua joint venture agreements, MLNG Tiga was Shell's only remaining interest in the Petronas LNG complex.
"Completion of this sale demonstrates the clear momentum behind Shell's delivery of its global divestment programme," the company said on Wednesday.
"Shell continues to have a strong business in Malaysia and remains committed to the country."
As MRC wrote before, in late March 2018, Shell EP Middle East Holdings B.V. completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of ITOCHU Corporation. The purchaser has also assumed debt of USD144 million as part of the transaction. The West Qurna 1 venture will continue to be operated by ExxonMobil. Shell’s other businesses in the country are not affected by this divestment.
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.
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