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Shell pursuing $1B exit from Indonesia LNG project – Reuters

|About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) is moving to sell its stake in Indonesia’s $15B Abadi liquefied natural gas project, Reuters reports, part of its ongoing asset disposal program to raise cash to help pay for its $54B purchase of BG Group in 2015.

Shell hopes to raise ~$1B from the sale of its 35% stake in the Abadi project, according to the report.

Project construction was due to start in 2018 but was delayed in 2016 until at least 2020 after Indonesian authorities instructed a switch from an offshore to an onshore facility.

Abadi is not expected to be operational until at least 2026, but 65%-owner Inpex has started preliminary front end engineering design for an LNG plant with an annual capacity of 9.5M mt.

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