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Shell offloads remaining stake in Australia's Woodside

Shell offloads remaining stake in Australia's Woodside

Royal Dutch Shell on Monday said it had sold its minority holding in Woodside Petroleum, bringing it a step closer to its target of selling US$30 billion (25.72 billion euros) of non-core assets.

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14.11.2017 08:19 AM

Royal Dutch Shell on Monday said it had sold its minority holding in Woodside Petroleum, bringing it a step closer to its target of selling US$30 billion (25.72 billion euros) of non-core assets.

Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had decided to sell 8.5 percent of Woodside.

By totally exiting the Australian group, Shell has earned itself a pre-tax amount of US$2.7 billion, a statement said.

The sale "is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy", said Shell's Chief Financial Officer Jessica Uhl, adding that the proceeds would help to cut the group's debt.

Earlier this month, Shell said it had managed to earn more than $25 billion from non-core asset sales under its programme ending next  year.
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