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Daily Telegraph: Shell to clean up its act with assets sales

Daily Telegraph: Shell to clean up its act with assets sales

“struggling to restore its reputation”

By Christopher Hope (Filed: 02/07/2004)

Shell, which is struggling to restore its reputation after “losing” 23pc of its proven oil and gas reserves, is planning to sell underperforming assets in the United States and Peru.

The company also announced that it was taking a $330m charge on the book value of some of the assets bought with the takeover of Enterprise Oil in 2002.

Shell announced the sale of its Midwest refined product pipeline system and storage assets in the United States for $530m. Similar assets in Texas were sold off last week for $492m. It also plans to sell its retail, commercial and marine businesses in Peru.

The shares fell 3.5 to 401p.

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