Shell agreed to sell 26.25% interest in the Queensland Curtis LNG (QCLNG) common facilities to Global Infrastructure Partners (GIP) Australia for $2.5 billion.

The sale is expected to be completed in H1 2021 and subject to regulatory approval in Australia and customary conditions. The common facilities include liquified natural gas (LNG) storage tanks, jetties, and operations infrastructure that service QCLNG’s LNG trains. After the sale, Shell will still hold 73.75% interest in the common facilities and remain as its operator. The sale aligns with Shell’s strategy of selling non-core assets to high-grade and simplify its portfolio. The sale will contribute to Shell’s expected divestment proceeds, without impact on people or the operations of the QCLNG venture.