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Mike Mozart
In a statement, Shell said the transaction could not be finalized because "the conditions required for completion were not satisfied, due to changes in the commercial and market environment," even though the process was described as "constructive."
The original plan involved selling the Bacton gas terminal and 11 offshore properties in the North Sea to Viaro.
These assets contribute roughly 5% of the UK's natural gas output. The agreement was announced in 2024 and was set to be completed by 2025.
However, the deal was blocked after an extended review by the UK’s oil and gas regulator, the North Sea Transition Authority.
Additionally, Mazzagatti is currently facing criminal charges in Italy and civil legal actions in the UK. He has denied all the allegations.
source: reuters.com
The original plan involved selling the Bacton gas terminal and 11 offshore properties in the North Sea to Viaro.
These assets contribute roughly 5% of the UK's natural gas output. The agreement was announced in 2024 and was set to be completed by 2025.
However, the deal was blocked after an extended review by the UK’s oil and gas regulator, the North Sea Transition Authority.
Additionally, Mazzagatti is currently facing criminal charges in Italy and civil legal actions in the UK. He has denied all the allegations.
source: reuters.com
