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Shell buys out Total’s 26% stake in Hazira LNG and Port

Shell buys out Total’s 26% stake in Hazira LNG and Port

By Rachita Prasad: ET Bureau: Updated: Jan 09, 2019, 03.01 PM IST
Royal Dutch Shell has completed the acquisition of Gujarat-based Hazira LNG and Port Ventures from French energy major Total Gaz Electricité Holdings, the company said in a statement on Wednesday. 

Shell Gas, a subsidiary of Royal Dutch Shell plc, acquired 26% equity interest in the Hazira LNG and Port from Total, to complete the acquisition. We did not disclose the financial consideration for the deal.

“The move allows Shell to build an integrated gas value chain: supply from its global LNG portfolio, regasification at the Hazira facility, and downstream customer sales. It further enables Shell to contribute towards India’s long-term need for more and cleaner energy solutions,” Shell said in the statement.

In August 2018, Shell had announced its plans to buy Total’s stake in Hazira LNG and Port, which includes Hazira LNG that operates a regasification terminal and Hazira Port. Hazira LNG and Port was a joint venture between Shell Gas B.V and Total Gaz Electricité Holdings France, where the former initially owned 74%.

“Fifteen years ago, Shell invested in the Hazira project – the single largest foreign direct investment for India in the energy sector at the time. I am very proud that as a 100% shareholder, we will now be able to utilize this great infrastructureNSE 4.98 % asset to its full potential and help provide much-needed gas to serve the growing energy needs of India,” said Ajay Shah, Vice President Shell Energy Asia.

Shell set up its India arm,Shell Energy India, in 2017, aimed at aggregating demand from downstream customers and to secure competitive international supply to meet such demand. Having commercial and operational flexibility over Hazira will further enable Shell to offer better customer value propositions and build a pan-India gas business, the company said.
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