Shell to Sell Nigeria Subsidiary for Up to $2.4 Billion
January 16 2024 - 4:14AM
Dow Jones News
By Christian Moess Laursen
Shell said it agreed to sell Nigerian onshore subsidiary Shell
Petroleum Development Company of Nigeria, or SPDC, for up to $2.4
billion.
The London-based energy major said Tuesday that it will receive
$1.3 billion initially, with the buyer--a consortium of five
companies--additionally paying up to $1.1 billion, mainly relating
to prior receivables and cash balances, with the majority expected
to be paid at completion of the deal.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
January 16, 2024 04:59 ET (09:59 GMT)
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