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PM okays Shell's share transfer to Cairn

UNB, Dhaka
Prime Minister Khaleda Zia has approved the transfer of Shell's entire operations and upstream assets in Bangladesh to its existing partner in the country, Cairn.
Anglo-Dutch company Shell's upstream interests in Bangladesh comprise a 37.5 percent operated interest in the block 16 Sangu gas field and a 45 percent operated interest in exploration blocks 5 and 10.
The Shell and Cairn announced the premier's approval at a joint press conference yesterday. The transfer will take place within 15-20 days.
Financial reckoning of the $50 million acquisition deal, however, dates back to July 1, 2003.
Cairn will absorb most of the local employees of Shell, and financial compensation will also be given.
Earlier on August 4, 2003, the Scottish company Cairn announced
that it had entered a legally nonbinding Letter of Intent with Shell to acquire all of its upstream assets and undertakings in Bangladesh's gas industry.
The cash considerations will be adjusted to reflect net working capital movements between the economic effective date and the closing date, including any accrued royalty payments, and carry reimbursements.
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Following the approval from the top office, now Cairn's operated interests in Sangu development area will be 75 percent-- the remaining 25 percent held by Halliburton of the United States.
Also, following the acquisition, Cairn will have 90 percent operated interests in blocks 5 and 10 while the remaining 10 percent is held by state-run Bapex.
Announcing the PM's approval, energy giant Shell made it clear that their exit is neither linked to Bangladesh's position against gas export nor lacking in investment environment.
"Shell's decision to divest its Bangladesh assets fits within the overall strategic development of the group's global portfolio," said Shell Bangladesh Managing Director, Zaffar Chida.
Replying a query on pipeline gas export to India, he also reaffirmed Cairn's position that it has been here for the domestic market and will be happy to meet the domestic demand.
"Shell is confident that Cairn will continue to run the business to proper environmental, social and operational standards, in the best interest of Bangladesh and its people," he said.
With Sangu being their only gasproducing field in Bangladesh, Shell's Zaffar Chida admitted a technical trouble in one of the wells there and assured that Cairn would address the problem properly.