Shell has further reduced its stake in Australia’s Woodside Petroleum, raising $1.7 billion in the process, the Anglo-Dutch major said on Monday.
Shell agreed to sell 71.6 million shares in Woodside, which represents 64% of its interest in the company. The sale is expected to be completed on Tuesday.
Shell’s Australian subsidiary will continue to own a 4.8% stake in Woodside. The sale forms part of Shell’s three-year, $30-billion divestment programme.