Shell Acquires 26% Stake in Hazira LNG
Royal Dutch Shell announced that it has completed the acquisition of French oil major Total SA's 26 percent stake in the company that operates 5 million tonnes per annum-Hazira LNG terminal in Gujarat, India.
"Shell Gas, a subsidiary of Royal Dutch Shell plc, acquired 26% equity interest in the Hazira LNG and Port Ventures from French energy major Total Gaz Electricité Holdings, to complete the acquisition," said a press statement.
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.