UAE, Kuwait among bidders for Shell's $2.67bn Australian ops

Auction is for a refinery, several import terminals and 900 branded service stations
UAE, Kuwait among bidders for Shell's $2.67bn Australian ops
By Reuters
Thu 09 Jan 2014 02:07 PM

Three consortia, including Middle Eastern funds, are bidding for Royal Dutch Shell's Australian service stations in a A$3bn ($2.67bn) auction, the Australian Financial Review reported on Thursday.

Private equity firm TPG is bidding with Ontario Teachers' Pension Plan and the Kuwait Investment Authority, the newspaper said.

Macquarie Group is bidding with Thailand's top energy firm, PTT, while oil trader Vitol is working with Abu Dhabi Investment Council.

Shell is looking to sell its refinery in Geelong, several import terminals and 900 branded service stations. A deal could be signed as early as next week, the newspaper said, citing sources close to Shell.

The oil giant is being advised by Bank of America Merrill Lynch.

A senior official from Thailand's top energy firm, PTT Pcl, later denied the report. "We are not getting involved in the deal. We are doing nothing," the official, who declined to be identified, told Reuters.

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