Shell completes sale of New Zealand assets

Royal Dutch Shell has completed the sale of its shares in Shell entities in New Zealand to OMV for $578m.

Shell 'A'

1,895.20p

17:05 28/01/22

-1.25%

-24.00p

The sale includes shares in the Māui, Pohokura, and Tank Farm assets, itd interests in the Great South Basin venture.

The sale is consistent with Shell’s global drive to simplify the upstream portfolio and re-shape the company into a world class investment.

"We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company’s history," said Zoe Yujnovich, Shell's vice president of Australia and New Zealand.

"Shell staff in New Zealand, past and present, have been key to building a successful New Zealand business. I wish our colleagues all the very best as OMV takes the business forward."

The company also announced that employees of Shell Taranaki and Shell NZ 2011 are now part of OMV New Zealand.

Shell recently announced that it wanted to double green energy and plans to spend $4bn (£3.2bn) a year, in a move to speed up the change of business to clean energy away from oil and gas.

Shell is considered leader of its sector regarding the change of business direction having invested in solar firms and electric car infrastucture companies.