Stephen Bartholomeusz: 20 January 2014
Shell had previously flagged a major spring cleaning program under which it plans to sell at least $US15 billion of assets over the next couple of years, with its residual 23 per cent stake expected to be offloaded imminently.
Its Geelong refinery and potentially its retail business are also up for grabs and today, perhaps in keeping with a more cost and capital-conscious approach, the Shell-PetroChina Arrow Energy joint venture cut more than 200 jobs. The prospect of the joint venture proceeding with its proposed coal seam gas-fed LNG plant at Gladstone – where three other $20 billion-plus plants are well underway – is fading fast.
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