NEW YORK, Oct. 12 (UPI) -- A team of U.S. investors will bid for the liquefied petroleum gas business of the Royal Dutch/Shell group, the Financial Times reported Tuesday.
Kohlberg, Kravis Roberts, the private equity firm, and Goldman Sachs Capital Partners will bid for the energy giant's LPG assets, valued about $1.87 billion.
The sale is part of Royal Dutch/Shell's plan to unload $10 billion to $12 billion in assets, following its reserves overbooking scandal.
The plan is to sell underperforming and non-core operations to help it finance $45 billion of capital spending over the next three years as it tries to revitalize its exploration and production business.
In the next three years Shell intends to sell $5 billion of exploration and production assets. Recent sales include all of its oilfields in Bangladesh and Thailand.
