Shell completes deal to acquire 100pc equity in Hazira LNG

Shell completes deal to acquire 100pc equity in Hazira LNG

Agency News

Kolkata, Jan 9 : Shell Gas B.V., a subsidiary of Royal Dutch Shell plc (“Shell”), on Wednesday completed its acquisition of 26 pc equity interest in the Hazira NG and Port venture in Gujarat from Total Gaz Electricité Holdings France (“Total”).

“This brings Shell’s equity interest in the venture to 100 pc. The move allows Shell to build an integrated gas value chain: supply from its global LNG portfolio, regasification at the Hazira facility, and downstream customer sales.

It further enables Shell to contribute towards India's long-term need for more and cleaner energy solutions. Shell Energy India was established in 2017, to aggregate demand from downstream customers and secure competitive international supply to meet such demand. Having commercial and operational flexibility over Hazira will further enable Shell to offer better customer value propositions and build a pan-India gas business.

“Fifteen years ago, Shell invested in the Hazira project – the single largest foreign direct investment for India in the energy sector at the time. I am very proud that as a 100% shareholder, we will now be able to utilize this great infrastructure asset to its full potential and help provide much needed gas to serve the growing energy needs of India,” said Ajay Shah, Vice President Shell Energy Asia, said in a statement.

Shell is one of the most diversified international energy company in India with over 7000 employees, 200,000 retail customers and a 250 strong distribution network. (UNI)