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2017-03-07 18:35:00

SHELL & SAUDI AGREEMENT

SHELL & SAUDI AGREEMENT

SHELL - Royal Dutch Shell plc ("Shell") announces the signing of binding definitive agreements between SOPC Holdings East LLC (a U.S. downstream subsidiary of Shell) and Saudi Refining Inc. ("SRI") (a wholly owned subsidiary of Saudi Arabian Oil Company ("Saudi Aramco")) on the separation of assets, liabilities and businesses of Motiva Enterprises LLC ("Motiva"), a 50/50 refining and marketing joint venture.

A balancing payment of $2.2 billion has been agreed between the parties, subject to adjustments including for working capital. This value will be satisfied by a combination of SRI assuming more than its 50% share of Motiva's net debt on completion and a cash payment for the balance. As at 31 December 2016, Motiva's total net debt was $3.2 billion, of which Shell will assume $0.1 billion, resulting in a deduction to the cash portion of the balancing payment of $1.5 billion. As a result of the transaction no material effect is expected on gearing reported on the Shell balance sheet.

Subject to regulatory approval, the transaction is expected to close in the second quarter of 2017.

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Earlier:

SHELL: 

SHELL INCOME $1.54 BLN 

SHELL SELLS $3.8 BLN 

SHELL SELLS THAILAND 

SHELL STARTS IN MALAYSIA 

SHELL INVESTS IN BRAZIL $10 BLN

 

SAUDI: 

SAUDI'S RENEWABLE ENERGY 

SAUDI'S RENEWABLE INVESTMENT: $50 BLN 

SAUDI CUTS OIL PRODUCTION: 486 TBD 

SAUDI'S CHANGES PRICE: $2 TLN 

SAUDI'S IPO $2 TLN

 

 

 

 

 

Tags: SHELL, SAUDI, ARAMCO
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U.S. CAPITAL EXPENDITURES UP

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Chronicle:

SHELL SAUDI AGREEMENT
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IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

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NATURAL GAS EXPORT UP

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