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Royal Dutch Shell : Shell cancels sale of Thai gas field stakes to Kuwait's KUFPEC

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10/04/2017 | 07:17pm CET

Royal Dutch Shell (RDSa.L) said on Wednesday it has cancelled a $900 million deal to sell its gas field stakes in Thailand to Kuwait Foreign Petroleum Exploration Company (KUFPEC). Shell and KUFPEC announced the deal in January, and it was due to be completed in the first quarter of 2017. “Although Shell and the Thai government have worked together closely and collaboratively on the matter, the different interpretations of the treatment of share sale transactions were not resolved within Shell and KUFPEC’s agreed timeframe,” a Shell spokeswoman said in an e-mail. “Therefore, both parties jointly decided to terminate the transaction,” she said. The sale was part of efforts by the Anglo-Dutch company to reduce debt after buying smaller rival BG Group for $70 billion. “To date, the company has more than $25 billion in completed, announced or in progress divestments, on track to meet its target of $30 billion of divestments between 2016 and 2018,” Shell said in a statement. The deal had called for Shell to divest its shares in two subsidiaries - Shell Integrated Gas Thailand Pte Ltd (SIGT) and Thai Energy Co Ltd (TEC) - to KUFPEC’s unit in Thailand. SIGT and TEC together hold a 22.222 percent equity stake in the Bongkot natural gas field and adjoining acreages offshore Thailand consisting of blocks 15, 16, 17 and G12/48. PTT Exploration and Production PCL (PTTEP.BK) operates the offshore Bongkot field with a 44.445-percent equity. France’s Total (TOTF.PA) has a 33.333 percent stake. Besides continuing to support operations and development at Bongkot, SIGT also intends to participate in the forthcoming licensing round for the extension of the Bongkot concession, Shell said. “Having almost met its $30 billion divestment target, there’s no longer the same pressure on Shell to sell,” said Andrew Harwood, research director of Asia Pacific upstream oil and gas at ‎Wood Mackenzie. “Thailand remains a small but profitable part of Shell’s portfolio in Southeast Asia,” he said. “With the Bongkot concession set to expire in 2023, we’d expect Shell and the other Bongkot partners to bid in the upcoming auction for the next phase of the project.” Source: Egypt Today

(c) 2017 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 291 B
EBIT 2017 22 163 M
Net income 2017 14 615 M
Debt 2017 60 595 M
Yield 2017 5,72%
P/E ratio 2017 16,32
P/E ratio 2018 14,84
EV / Sales 2017 1,13x
EV / Sales 2018 1,04x
Capitalization 269 B
Duration : Period :
Royal Dutch Shell Technical Analysis Chart | RDSA | GB00B03MLX29 | 4-Traders
Technical analysis trends ROYAL DUTCH SHELL
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 32,9 $
Spread / Average Target 1,8%
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Ben van Beurden Chief Executive Officer & Executive Director
Charles O. Holliday Chairman
Jessica Uhl Chief Financial Officer & Director
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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