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Even this will be difficult to achieve “when every oil company has assets for sale,” he said.
Shell said it will “backload” the sale of its assets towards the end of the three year period when the oil price environment might have recovered to some extent, but added that it will focus its disposals on business areas which are “oil price insensitive”.
Corrado Passera, the minister for economic development in the country’s four month-old technocrat government, said it was unacceptable that byzantine bureaucracy and administrative ineptitude had held up the scheme.
Allianz Global Investors energy boss Chris Wheaton said that Shell will only be able to sell off its oil and gas production assets to contribute at most 10pc of the bn total.The specific objectives laid down in the municipal plan are a further evidence that the project is a necessary step towards their achievement because they are targeted, firstly, at encouraging cultural development and attracting new visitors, and secondly, at the integration of minority groups.The British firm announced this week that it was shelving plans to build a liquefied natural gas (LNG) import terminal near Brindisi, in Puglia, after more than a decade of trying in vain to acquire the necessary permits from the Italian authorities.CNOOC will also take a 25% stake in certain Bowen and Surat Basin fields, which will supply coal seam gas to the LNG plant.BG also announced a new gas sale to CNOOC, five million tonnes a year, partly supplied by the Queensland Curtis LNG project, which is being managed by BG's Australian subsidiary QGC as operator and majority owner.