Suitors Shrink for Shell’s Australian Energy Assets

Available suitors for Shell’s Australian oil assets are shrinking in a deal that could be worth US$ 3 billion. TPG Capital, Ontario Teachers’ Pension Plan (OTPP) and the Kuwait Investment Authority exited from the bid. This leaves Macquarie Group and Glencore Xstrata as one group and a consortium composing of Rotterdam-based Vitol SA and the Abu Dhabi Investment Council competing for Royal Dutch Shell’s refining and retail business. Assets include the Geelong refinery based in Victoria, import terminals and a network of 900-strong service stations.

Shell’s chief executive Ben van Beurden said in a statement the company is “making hard choices in our worldwide portfolio to improve Shell’s capital efficiency.”

The sales process is being managed by Bank of America Merrill Lynch.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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