Reuters: Shell kicks off multi-billion dollar asset sales
“Royal Dutch/Shell has kicked off auctions for two units worth several billion dollars, to move forward with its plans to sell non-core assets to help fund more upstream oil exploration.”: “Last month, Shell, the world’s third-largest oil company, unveiled plans for major disposals and new production in its bid to put behind it a reserves scandal that rocked the group.”
Tue 12 October, 2004
By Charlie Zhu and Tom Bergin
SINGAPORE/LONDON (Reuters) – Royal Dutch/Shell has kicked off auctions for two units worth several billion dollars, to move forward with its plans to sell non-core assets to help fund more upstream oil exploration.
The company on Tuesday confirmed it and its partner, U.S. building firm Bechtel, were investigating the possible sale of their InterGen power joint venture.
Sources familiar with the situation said Shell’s advisor Citigroup had already sent offer documents to potential buyers for InterGen, while other sources said Citigroup was also preparing a sales memorandum for Shell’s global liquefied petroleum gas (LPG) distribution and marketing unit.
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