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Shell sells assets in New Zealand for $578 million

Royal Dutch Shell Plc announced the sale of its New Zealand division to Austria’s OMV AG for $578 million. The deal should be completed in the fourth quarter of this year. Shell worked in New Zealand for more than 100 years, the company stated.

Photo: REUTERS/Toby Melville

This deal is part of a three-year Shell’s restructuring program, according to which the company is going sell assets for a total of $30 million by the end of 2018.

The decision to sell assets and leave non-key markets was made in connection with the purchase in 2016 of the British BG Group, for which the company paid £35 billion. Another reason - falling revenues due to a drop in oil prices.

Earlier, Shell had already sold part of the assets and withdrew from some projects, including in Canada, Saudi Arabia and Thailand.

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