THE HAGUE (JTA) – Royal Dutch Shell reportedly will divest from Woodside Petroleum because of the Australian energy firm’s investment in Israel’s gas fields.
According to the RTL Dutch television network, a Shell spokesman said Wednesday that he had no comment on a report by the Commonwealth Bank of Australia saying that Shell would likely dump its 23.1 percent stake in Woodside Petroleum.
The report said Shell planned the move to avoid the risk of boycott by Arab countries following Woodside’s agreement to purchase a 30 percent interest in Israel’s Leviathan natural gas field. RTL reported that Shell’s stake in Woodside is worth more then $7 billion.
Last year, Shell said that involvement with Woodside was “incompatible” with Shell’s “long-term plans."