Shell sells stakes in Australian LNG project

LONDON, Jan 20 (Reuters) - Oil major Royal Dutch Shell

said on Monday it had agreed to sell small stakes in a liquefied natural gas project and related joint venture in Australia for $1.14 billion to Kuwait's Foreign Petroleum Exploration Company.

"Shell will remain a major player in Australia's energy industry. However, we are refocusing our investment to where we can add the most value with Shell's capital and technology," Shell's chief executive Ben van Beurden said in a statement.

Shell said it was divesting an 8 percent stake in the Wheatstone-Iago joint venture and a 6.4 percent interest in the Wheatstone liquefied natural gas project in Western Australia.

(Reporting by Sarah Young; Editing by Mark Potter)

((sarah.young@thomsonreuters.com)(+44 20 7542 1109)(Reuters Messaging: sarah.young.thomsonreuters@reuters.net))

Keywords: SHELL AUSTRALIA/SALE