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2014-09-16 19:10:00



London: Royal Dutch Shell has revived plans to dispose of its European liquefied petroleum gas business four years after a second failed attempt to sell the assets.

The Anglo-Dutch group has appointed Credit Suisse to advise on an auction, four people with knowledge of the decision said. The assets could be valued at as much as €1 billion (Dh4.75 billion), including debt, and are expected to attract bids from private equity groups as well as trade buyers.

Shell sought to offload the unit, the bulk of which consists of French company Butagaz, in 2004 but pulled the sale because offers fell short of its asking price. In 2010 a disposal plan coincided with a deepening of the Eurozone's sovereign debt crisis.

The decision to start a new process highlights an improving dealmaking environment in Europe as the region's economy shows signs of healing, helping narrow the gap between buyers and sellers' price expectations. Royal Dutch Shell declined to comment.

Under the key dictum of "fix or divest", Shell chief executive Ben van Beurden who started in his role at the start of this year, outlined a strategy that aims to improve returns through pruning Shell's portfolio of assets. Although Shell's liquefied petroleum gas division in Europe has been on the chopping block for some time, the move coincides with the group's $15 billion (Dh55 billion) divestment programme for the next two years.

"This asset is part of Shell's downstream business, where returns are well below what Ben van Beurden wants to achieve," said Iain Reid, analyst at BMO Capital Markets. "The sale is obviously a part of the broader strategy to get rid of marginal value businesses."

Shell has sold poor performing US shale assets and North Sea oilfields as well as Nigerian assets that have been hit by rampant sabotage and oil theft. The company has underperformed the European oil and gas sector more broadly in the last year, leading to a string of disappointing quarterly results and concerns about how it allocates capital.

Shell's downstream business which includes its refineries, chemical plants, retail sites and trading arm generated earnings of $2.9 billion in the first half of 2014, compared to $10.4 billion in its upstream — or oil exploration and production — business.

John Abbot, head of the downstream business, said earlier this week he had embarked upon a "multiyear strategy" to improve financial performance, capital discipline and project delivery. "There are issues with the business that we need to address. It is not going to be fixed overnight," he said.

Buyout groups that had submitted bids for the unit in 2010 included Paris-based PAI Partners, London-based CVC Capital, Ardian, US-based First Reserve and Advent International.




2017, December, 15, 12:50:00


LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

2017, December, 15, 12:45:00


BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

2017, December, 13, 12:40:00


REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

2017, December, 13, 12:35:00


ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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