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Shell Sells Stake In CNRL

Fort McMurray, AB, Canada / MIX 103.7
Shell Sells Stake In CNRL

Royal Dutch Shell is selling its entire stake in Canadian Natural Resources Limited.

The oil-giant announced this week, its subsidiary, Shell Gas B.V. has entered into an underwriting agreement to sell all its 97.5-million shares in CNRL worth $4.3 billion ($3.3 billion US) in total pre-tax proceeds.

Shell says money from the sale will contribute to reducing net debt.

The sale is expected to be completed Wednesday.