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

ROYAL DUTCH SHELL (RDSA)
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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 2018 383 B
EBIT 2018 40 366 M
Net income 2018 24 234 M
Debt 2018 56 666 M
Yield 2018 5,33%
P/E ratio 2018 12,17
P/E ratio 2019 11,02
EV / Sales 2018 0,92x
EV / Sales 2019 0,89x
Capitalization 294 B
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 37,9 $
Spread / Average Target 8,7%
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Managers
NameTitle
Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Charles Otis Holliday Chairman
Jessica Rodgers Uhl Chief Financial Officer & Director
Harry Brekelmans Director-Technology & Projects
Gerard Johannes Kleisterlee Deputy Chairman
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