Shell and ExxonMobil Divest from German Gas Pipeline Assets
Shell and ExxonMobil have agreed to sell the transport business of their German joint venture BEB Erdgas und Erdoel GmbH (BEB) including the technical operations currently provided by ExxonMobil Production Deutschland GmbH to NV Nederlandse Gasunie. Subject to regulatory approvals it is expected that the transaction will be closed in 2008.
Gasunie will continue to operate BEB transport and the transferred technical operations and will ensure compliance with existing BEB transportation agreements and will also retain the current staff.
The agreement is subject to the approval by the relevant authorities. BEB's exploration and production and storage activities remain unaffected by this transaction. ExxonMobil Production will continue to handle exploration and production activities for BEB on the basis of service agreements.
Charles Watson, Executive Vice President Shell Energy Europe, Shell Gas & Power, comments: "Shell is a leading producer and supplier of natural gas in Europe and is one of the world's largest private-sector natural gas companies. This agreement is in line with Shell's portfolio management strategy to maximize shareholder value. Our primary focus in the European gas business is on managing supplies and sales of gas to a large range of customers across a wide regional footprint."
Kurt Doehmel, Shell Country Chair in Germany, adds: "For more than 30 years, Shell has a reputation as a dependable supplier of natural gas in Germany. We consider Gasunie a highly reputable company and we are confident that Gasunie will provide an excellent service in Germany, like they do in The Netherlands. Germany continues to be a core market for Shell's European gas business."
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