Shell confirms Australian assets are on the market

Oil giant Royal Dutch Shell has officially confirmed it is looking to sell its Australian refineries and petrol stations, along with its $7.4 billion stake in Woodside Petroleum.  

The sale process, overseen by Bank of America Merrill Lynch, has reportedly gained the attention of Macquarie, Glencore Xstrata and oil trading firm Vitol.  

“We are making hard choices in our worldwide portfolio to improve Shell’s capital efficiency,” Shell chief executive Ben van Beurden says.  

“Our ambitious growth drive in recent years has yielded a step change in Shell’s portfolio and options, with more growth to come, but at the same time we have lost some momentum in operational delivery, and we can sharpen up in a number of areas.”

This article first appeared on StartUpSmart.

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