Shell chief executive Peter Voster said in November the company was “entering into a divestment phase” amid rising costs for energy projects and investor concern about capital expenditure.
January 7, 2014
Australia’s A$50 billion (NZ$54b) petrol industry is set for its biggest shake-up in decades, with energy majors Royal Dutch Shell and BP considering the sale of refineries and petrol stations in order to free up cash for their core energy production businesses.
It is understood Shell is in talks with at least two parties – a large private equity firm and a consortium including investment bank Macquarie Group – over the A$3b sale of 900 petrol stations and its refinery in Geelong.