Shell Sells Stake In Australian LNG Project

Royal Dutch Shell PLC says it has agreed to sell its stakes in an Australian liquefied natural gas project to the Kuwaiti Foreign Petroleum Exploration Company for $1.135 billion (840 million euros).

THE HAGUE, Netherlands (AP) — Royal Dutch Shell PLC says it has agreed to sell its stakes in an Australian liquefied natural gas project to the Kuwaiti Foreign Petroleum Exploration Company for $1.135 billion (840 million euros).

Shell announced Monday it is selling its eight percent stake in the Wheatstone-Iago joint venture and its 6.4 percent interest in the Wheatstone liquefied natural gas project.

Shell CEO Ben van Beurden says in a statement the company is "making hard choices in our world-wide portfolio to improve Shell's capital efficiency."

The state-run Kuwaiti company already is a partner in the Wheatstone joint venture.

Last Friday, Shell warned that its fourth-quarter profit will be worse than most analysts expected due to lower production higher costs and a worse performance by its refining division.

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