Shell divests part of Woodside stake

Australia

THE HAGUE, November 13, 2017 – Shell has agreed to sell a stake of around 8.5% in Australia’s Woodside Petroleum for USD 1.7 billion, the super-major announced on Monday.

The sale, expected to close on November 14, 2017, would leave Shell with a 4.8% stake in Woodside.

“This sale is another step towards the completion of our three-year, USD 30-billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world-class investment case, and to strengthen our financial framework,” Shell CFO Jessica Uhl said in a statement. “Proceeds from the sale will contribute to reducing our net debt.”

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