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Shell completes $578M sale of New Zealand entities to OMV

Royal Dutch Shell PLC said Dec. 28 that it completed the sale of its shares in Shell entities in New Zealand to OMV New Zealand Ltd., a subsidiary of Austrian integrated oil and gas company OMV AG, for $578 million.

The sale, announced in March, includes the Māui, Pohokura and Tank Farm assets and the sale of Shell's interest in, and operatorship of, the Great South Basin venture, which was subject to a separate agreement.

The sale is consistent with Shell's plan to divest $30 billion in assets by year-end.