Shell exits Canada oil sands

Multinational

THE HAGUE, May 8, 2018 – Shell is in the process of selling its entire interest in Canadian Natural Resources for about USD 3.3 billion, the company announced on Monday.

“Shell’s subsidiary, Shell Gas B.V. (“SGBV”), has entered into an underwriting agreement with Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities, for the sale of 97,560,975 shares in Canadian Natural, representing its entire interest in Canadian Natural resulting in total pre-tax proceeds of approximately USD 3.3 billion,” the company said in a statement. “The sale is expected to complete on May 9, 2018.”

Canada’s daily the Globe and Mail had previously reported on the deal.

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