News & Media releases

Shell to divest its 25% equity in Rohöl-Aufsuchungs AG (RAG)

03/08/2007

Shell Petroleum N.V and Shell Petroleum Company (Shell) have today signed a Share Purchase Agreement with EESU Holding GmbH, a company wholly owned by EVN AG, E.ON Ruhrgas E&P GmbH, Salzburg AG and Steirische Gas-Wärme GmbH, for the sale of EP Holding GmBH (EPH), its sole asset being Shell's 25% equity holding in RAG.

The deal is subject to merger control clearance and is expected to complete in late 2007 or early 2008, following appropriate regulatory approvals.

This divestment is part of the active management of Shell’s upstream portfolio-based strategy.  We are committed to focussing on where we can best use our people and capital for competitive long-term returns and on a global basis.

Friedrich Schalk, chairman of Shell in Austria, commented on the deal: “With EESU Holding GmbH we have found a reliable and strong acquirer with huge knowledge of the Central European gas markets. Shell of course retains a significant presence in Austria, with over 300 petrol service stations, lubricants production facilities, and marketing of oil products.”

Note to editors:

Rohöl-Aufsuchungs AG (RAG) is an Austrian company, which is 25% owned by together Shell Petroleum N.V (99%) and Shell Petroleum Company (1%) through the wholly owned affiliate EP Holding GmbH.

The other 75% equity in RAG is held by Rohölaufsuchungs Beteiligungsgesellschaft AG.

Shareholders in Rohölaufsuchungs Beteiligungsgesellschaft AG are EVN AG (50,05%), E.ON Ruhrgas EP GmbH (29,95%), Salzburg AG (10%) and Steirische Gas-Wärme GmbH (10%).
RAG has been successfully exploring and producing oil and gas since 1935 in Lower and Upper Austria. In 2006 RAG produced 85,000 tons of oil and 571 million cubic meters of gas.