Shell sells entire interest in Gaza Marine license

Royal Dutch Shell PLC (RDSB.LN) said Wednesday that it has reached an agreement with the Palestine Investment Fund to sell its entire stake in the Gaza Marine license, offshore Palestine. The oil-and-gas company said that the asset sale, completed through its affiliate BG Great Britain Limited, is part of its plan to simplify and improve the quality of its portfolio. The company didn’t disclose the value of the sale and said that the equity was transferred to the Palestine Investment Fund at the signing of the sale and purchase agreement.
Shell said that the divesting of the Gaza Marine license will also help it to concentrate its upstream operations where the company can be most competitive and build a world-class investment case.