Oil giant Shell is selling its interests in a Liquefied Natural Gas (LNG) project in Australia for $1.14 billion (£694m).

It has agreed to sell an 8% stake in the Wheatstone-Iago joint venture along with its 6.4% interest in the Wheatstone LNG project to the Kuwait Foreign Petroleum Exploration Company (KUFPEC).

Ben van Beurden, Chief Executive Officer of Shell said: “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.”

Last week the company issued profits warning for the fourth quarter of 2013.