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Mon, 3 December 2007
Shell and ExxonMobil have agreed to sell the 3100-km long pipeline network operated by their 50-50 German joint venture BEB Erdgas und Erdoel GmbH (BEB), including the technical operations currently provided by ExxonMobil Production Deutschland GmbH, to Nederlandse Gasunie. Subject to regulatory approvals, it is expected that the transaction will be closed in 2008.
Gasunie will continue to operate BEB transport and the transferred technical operations, and will ensure compliance with existing BEB transportation agreements and will also retain the current staff. BEB's exploration, production, and storage activities will be unaffected by this transaction, and ExxonMobil Production will continue to handle exploration and production activities for BEB on the basis of service agreements.
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