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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell    RDSA   GB00B03MLX29

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Royal Dutch Shell : Shell scraps $900m sale of its Thai gas field stakes

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10/05/2017 | 12:52pm CEST

Royal Dutch Shell has cancelled a $900m (679m) deal to sell its Thai gas field stakes to Kuwait`s state oil company after the deal took too long to complete.

The oil major announced the deal to sell its 22 per cent stake in the Bongkot natural gas field and adjoining offshore acreage to Kuwait Foreign Petroleum Exploration Company (KUFPEC) in January as part of its divestment drive following the acquisition of rival BG Group for $70bn.

The deal was set to complete 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 KUFPECs agreed timeframe. Therefore, both parties jointly decided to terminate the transaction," a Shell spokesperson said.

Shell`s two Thai subsidiaries will continue to support operations and development at Bongkot with joint venture partners PTT Exploration & Production and Total. One subsidiary, Shell Integrated Gas Thailand, also plans to participate in the upcoming licensing round for the extension of the Bongkot concession.

Shell`s $30bn divestment programme has made good progress, with more than $25m announced or in progress to date, the company said.

Shell`s spokesperson added: "We would like to thank the government for the time and attention they have given to the matter and we look forward to continuing our collaborative working relationship going forward."

(c) 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 283 B
EBIT 2017 21 924 M
Net income 2017 13 845 M
Debt 2017 60 707 M
Yield 2017 6,01%
P/E ratio 2017 16,78
P/E ratio 2018 15,27
EV / Sales 2017 1,12x
EV / Sales 2018 1,05x
Capitalization 256 B
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 31,9 $
Spread / Average Target 4,4%
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Managers
NameTitle
Ben van Beurden Chief Executive Officer & Executive Director
Charles O. Holliday Chairman
Jessica Uhl Chief Financial Officer
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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