The Common Facilities include LNG storage tanks, jetties and operations infrastructure that service QCLNG’s LNG trains.
Upon completion of the transaction, Shell will remain majority owner and operator of the Common Facilities.
This decision is consistent with Shell’s strategy of selling non-core assets in order to further high-grade and simplify Shell’s portfolio.
The sale will contribute to Shell’s expected divestment proceeds, without impact on people or the operations of the QCLNG venture, and aligns Shell’s interest in the Common Facilities with its 73.75% interest in the overall QCLNG venture.
Thе transaction has no impact on the ownership structure of QGC or QCLNG.
Shell remains the operator and majority interest holder in QGC, together with CNOOC (50% equity in Train 1) and Tokyo Gas (2.5% equity in Train 2), which also remains unchanged following this transaction.
Due to the advantages it offers as a complement to renewable energy and as the cleanest burning hydrocarbon, natural gas is a core component of Shell’s strategy to provide more and cleaner energy solutions.
Global LNG demand is expected to outpace total demand for energy and the QCLNG venture is crucial in helping Shell meet the world’s growing energy needs.
The transaction is subject to regulatory approval in Australia and customary conditions.
It is expected to complete in the first half of 2021.
The economic reference date of the transaction is 1 January 2021.
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