The Australian arm of Global Infrastructure Partners (GIP) has bought a 26.25% stake in the infrastructure assets of the Queensland Curtis LNG (QCLNG) complex from Shell for A$3.3bn (€2bn).

The asset, known as QCLNG Common Facilities, includes storage tanks, jetties and operations infrastructure that services QCLNG’s two gas export trains.

Shell retains a controlling 73.75% interest and continues to operate the complex, which produces 8.5m tonnes of LNG annually for export markets.

The oil giant said the decision to sell down its stake was consistent with the group’s strategy of selling non-core assets in order to further high-grade and simplify its portfolio.

Shell said global LNG demand was expected to outpace total demand for energy, and that the QCLNG venture was crucial in helping Shell meet the world’s growing energy needs.

“Due to the advantages it offers as a complement to renewable energy, and as the cleanest-burning hydrocarbon, natural gas is a core component of Shell’s strategy to provide more and cleaner energy solutions,” Shell said.

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