January 20, 2014 / 8:10 AM / 4 years ago

Shell sells stakes in Australian LNG project

LONDON, Jan 20 (Reuters) - Oil major Royal Dutch Shell said on Monday it had agreed to sell small stakes in a liquefied natural gas project and related joint venture in Australia for $1.14 billion to Kuwait’s Foreign Petroleum Exploration Company.

“Shell will remain a major player in Australia’s energy industry. However, we are refocusing our investment to where we can add the most value with Shell’s capital and technology,” Shell’s chief executive Ben van Beurden said in a statement.

Shell said it was divesting an 8 percent stake in the Wheatstone-Iago joint venture and a 6.4 percent interest in the Wheatstone liquefied natural gas project in Western Australia.

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