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Shell to sell licences, pipelines in Nigeria

04 November 2013, 18:59

 Lagos- Shell, Nigeria's largest oil operator, said on Monday that it intended to sell some assets in Nigeria after announcing a slump in global profits blamed on oil theft and sabotage.

"Some licences are up for sale, this includes some pipelines. We have not confirmed the specific licences," Simon Henry, Shell's chief financial officer told AFP.

No further details were disclosed about the sale but Henry added: "There is a lot of interest from Nigerian indigenous companies.

"We will divest the licences and operating responsibility for the pipelines, there is more than one, if we see a potential deal," he added.

Crude oil theft and pipeline vandalism are major problems in Nigeria, with estimates that it costs the country some $6 billion in revenue per year.

Last month, Shell announced a drop of 35 percent in its third quarter net profits because of lower refining margins and disruption to production in Nigeria.

Profit after tax fell by a third to $4.677 billion in the three months to September 30 compared with the equivalent period in 2012, it said.



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