Business
Shell Buys a Gas Producer Far From the Middle East Turmoil
Shell SHEL 1.09%increase; green up pointing triangle has agreed to buy Canadian energy producer ARC Resources for about $13.6 billion, a deal that gives the U.K. oil major new opportunities to export liquefied natural gas—or LNG—far from the conflict zones of the Middle East.
In buying ARC, Shell is taking over one of the suppliers to a giant LNG export terminal that it partly owns in British Columbia—a key facility used to serve customers in Asia. ARC mainly produces gas and gas liquids from the Montney basin in Western Canada.
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