LONDON, March 4 Commodity trader and miner
Glencore confirmed on Tuesday its interest in buying
oil assets that oil major Shell is selling in Nigeria.
A source said last month that Glencore and commodity trading
house Mercuria were among the short-listed consortiums expected
to make final bids on Nigerian energy assets worth around $3
billion that Shell and another two oil majors are selling.
Shell is selling its 30 percent stake in four oil
blocks, with France's Total and Italy's Eni
also looking to divest their 10 percent and 5 percent stakes.
The Nigerian National Petroleum Corporation (NNPC) owns the
remaining 55 percent.
Shell is also selling the 97-km (60-mile) Nembe Creek oil
pipeline, which has been regularly attacked by oil thieves.
"We are always interested in every assets that comes for
sale. We always look at it and check if we can satisfy our
returns criteria," Glencore's chief executive Ivan Glasenberg
said, when asked about the Nigerian assets at a presentation of
Together with Macquarie Group Glencore had also
made an unsuccessful attempt to buy Shell's downstream
Australian assets, which were then sold to oil trader Vitol
and the Abu Dhabi Investment Council for about A$2.4
billion ($2.2 billion) last month.
"It's no secret we were looking at Shell's disposal in
Australia but we couldn't compete. The number they bought at did
not meet our return (criteria)," Glasenberg said.
Among other assets the trader and miner would look at is BHP
Billiton's loss-making Nickel West business in
Australia, which Glencore said has some synergies with its own
nickel operations in the area.