Deal: Shell has sold 26.25 per cent interest in QCLNG to Global Infrastructure Partners Australia. 

Value: US$2.5 billion.

Area: Finance, energy and resources.

Key players: The legal team advising Shell was led by Perth-based Paul Lingard (partner and co-head of energy in Australia) and Brisbane-based Keira Brennan (partner and head of infrastructure, mining and commodities in Australia), with assistance from special counsels Nikki van der Meer and Michelle Ralston, senior associate Jessica Rusten, associates Frances Hewitt and Ellen Whittred, and lawyer Alvin Ngo.

Deal significance: This transaction sees Shell retain the majority stake of QCLNG, which includes LNG storage tanks, jetties and operations infrastructure that service QCLNG’s LNG trains.

According to a statement from Norton Rose Fulbright, the transaction, valued at US$2.5 billion, is one of Shell’s most significant commercial undertakings in Australia in recent years and globally and is one of the first significant acquisitions by an infrastructure player in mid-stream LNG assets.

“This is a landmark oil and gas transaction globally in 2020/2021 and we expect this to pave the way for similar infrastructure investment in Australia and around the world,” said NRF co-lead partner Mr Lingard on the deal.

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“We are pleased our in-depth knowledge and experience of the LNG industry and infrastructure market enabled us to assist Shell here to achieve its key commercial objectives.”

Co-lead partner Ms Brennan added: “This was a unique opportunity for us to workshop and develop innovative solutions for a complex transaction – all while working completely remotely.

“It has been a powerful reminder of our collective strength and ability to build strong team and client relationships regardless of where we are located.”