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Shell selling assets to fund £18bn spending

Daily Telegraph

Royal Dutch Shell is reportedly selling assets including its liquid petroleum gas business and North Sea fields to meet the cost of its $28bn (£18bn) capital spending programme.

Published: 12:12AM GMT 01 Mar 2010

The oil and gas giant predicts that it will raise $2bn to $3bn from selling assets that are not central to its growth plans, particularly downstream assets such as refining and marketing operations in mature markets such as Europe, for example.

It is also believed to be selling some mature oil and gas fields in the North Sea and Nigeria.

Shell has invited indicative bids, which are expected to go up to approximately €1bn (£900m) for its French-based European LPG arm. This sells bottled gas to rural homes.

Axa Private Equity, Bain Capital and PAI are said to be in the running for the business, which saw earnings before interest, tax, depreciation and amortisation of about €120m last year.

CVC Capital Partners and the Carlyle Group are also said to be interested.

All private equity groups declined to comment.

Shell has also reportedly put up for sale North Sea fields connected to the Anasuria floating production, storage and offloading vessel off the coast of Aberdeen, and fields in the Southern gas basin.

These assets could be worth several hundred million pounds.

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