BREAKING NEWS

Report: Shell to dump Australian firm over ties to Israel

By JTA

APRIL 6, 2013 23:12

THE HAGUE – Royal Dutch Shell declined to comment on reports that it will divest its stake in an Australian energy firm because of that firm’s investment in Israel’s gas fields.

According to the RTL Dutch television network, a spokesperson for Shell said on Wednesday that he had no comment on a report by the Commonwealth Bank of Australia which said Shell would likely dump its 23.1-percent stake in Australia's 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."

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