Deal to sell Shell Gabon for $700m to be signed this month, says insider
As unions threaten more strike action, Royal Dutch Shell is said to be on the verge of agreement to sell its Gabon oil assets to US fund Carlyle in a bid to reduce group debt
Libreville — Oil giant Royal Dutch Shell will sign a deal to sell its Gabon oil assets to US fund Carlyle this month an insider said as unions threatened more strike action. The expected sale for an estimated $700m is part of Shell’s drive to spin off $30bn in assets to cut debt. Shell Gabon’s 400 staff started striking last week, and on Monday threatened to toughen their stance. The Onep union said Shell’s withdrawal from Gabon was bad for the 400 workers, and they should be paid damages. The new owners are expected to keep them. The strike led to production cuts of 30 to 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," said Onep. AFP
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