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Glencore Xstrata Interested in Shell’s Nigerian Oil Assets
Mar. 05, 2014 04:41PM PST
Oil and Gas InvestingMining Weekly reported that Glencore Xstrata plc (LSE:GLEN) is interested in purchasing Nigerian oil assets being sold by Royal Dutch Shell plc (LSE:RDSA).
Mining Weekly reported that Glencore Xstrata plc (LSE:GLEN) is interested in purchasing Nigerian oil assets being sold by Royal Dutch Shell plc (LSE:RDSA).
As quoted in the market news:
Shell is selling its 30% stake in four oil blocks, with France’s Total and Italy’s Eni also looking to divest their 10% and 5% stakes.
The Nigerian National Petroleum Corporation (NNPC) owns the remaining 55%.
Shell is also selling the 97 km Nembe Creek oil pipeline, which has been regularly attacked by oil thieves.
‘We are always interested in every assets that comes for sale. We always look at it and check if we can satisfy our returns criteria,’ Glencore’s CEO Ivan Glasenberg said, when asked about the Nigerian assets at a presentation of results.
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