Shell to offload its European interests

Shell will offload more of its European liquid petroleum gas (LPG) operations in a bid to raise $3bn (£2bn).

The firm will use the money to help fund a $28bn capital spending programme.

Shell’s French LPG business, which specialises in bottled gas, is expected to raise in the region of €1bn (£900,000).

It is also likely to put its prospects in the North Sea up for grabs, as well as some fields in Nigeria.

The firm boasted earnings before interest, tax, depreciation and amortisation of €120m last year.

Private equity vehicles including Axa, Bain Capital, PAI, CVC Capital Partners and the Carlyle Group are thought to be interested. Credit Suisse is advising on the deal.