Kuwait Foreign Petroleum Exploration Company (KUFPEC) has increased its stake in the Wheatstone liquefied natural gas (LNG) project in Western Australia to 13.4 percent after a $1.1 billion deal with Royal Dutch Shell plc.
The deal sees KUFPEC acquire Shell's 6.4-percent interest in the Wheatstone project as well as an eight-percent interest in the Wheatstone-Iago joint venture.
Shell CEO Ben van Beurden commented in a company statement:
"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. We are making hard choices in our world-wide portfolio to improve Shell's capital efficiency."
The Wheatstone LNG project is an LNG plant under construction some eight miles from the coastal town of Onslow, Western Australia. Being developed by Chevron, the plant will eventually have an annual capacity of 15 million tons of LNG, receiving gas from the Wheatstone, Iago, Julimar and Brunello offshore gas fields.
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