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Australia/Kuwait: Shell lessens Australian grip

 |  January 20, 2014

Royal Dutch Shell announced Monday it reached an agreement to sell various Australian natural gas assets to a Kuwait-owned company, say reports.

The sale, made for $1.1 billion, sees the Kuwait Foreign Petroleum Exploration Company’s acquisition of an eight-percent stake in the Wheatstone gas field, as well as a 6.4 percent stake in the Wheatstone natural gas project.

Following the announcement of the sales, reports say Shell assured it would still play a major role in the Australian oil industry, but noted it was “refocusing” its investment strategy.

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