Thailand: Shell & KUFPEC Cancel Sale & Purchase Agreement

Thailand: Shell & KUFPEC Cancel Sale & Purchase Agreement

Share sale of Shell Integrated Gas and Thai Energy Co was cancelled by mutual agreement

BG Asia Pacific Holdings Pte Limited, the subsidiary of Royal Dutch Shell and KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), have jointly agreed to terminate the Sale & Purchase Agreement for the share sale of Shell Integrated Gas Thailand Pte. Limited (SIGT) and Thai Energy Co Limited (TEC).

A 22.222% equity stake is together held by SIGT and TEC in the Bongkot field and adjoining acreage offshore Thailand. With 44.445% equity, Shell’s partners in the Bongkot asset are operator of the field, PTT Exploration & Production and Total with 33.333% equity.

At both raising cash and re-shaping the company, Shell Group’s divestment program continues to make good progress. The company is on track to meet its target of $30 billion of divestments between 2016 and 2018 and till date, the company has more than $25 billion in completed, announced or in progress divestments. PWKD04102017

Last modified onSunday, 08 October 2017 22:06
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