Sector News

Shell Gabon sale to be finalised in January: source

January 20, 2017
News

Oil giant Royal Dutch Shell will sign a deal to sell its Gabon oil assets to US fund Carlyle this month, a source close to the talks said Monday, 16 January, as unions threatened further strike action.

The expected sale, worth an estimated $700m, is part of a drive by Shell to spin off a total of $30bn worth of assets to cut debt. Shell Gabon’s 400 staff started striking last week and threatened Monday to toughen their stance.

The ONEP union said that Shell’s withdrawal from Gabon was detrimental to staff and they should be paid damages.

The 400 staff are expected to be retained by the company’s new owners. The ongoing strike has already led to production cuts of 30-50%, the union said.

“The Shell Gabon company has already lost more than 90,000 barrels, which translates into a financial loss of $4.5m,” ONEP said.

Source: AFP

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend