Royal Dutch Shell PLC has slashed its holding in Woodside Petroleum to 4.8% from 13.28%, in its latest bid to boost its non-core disposal program that aims to alter its stake from being an associate holding to an investment in securities in the latter firm.

The latest stake sale is part of a $30 Billion non-core disposal program slated to conclude over the next three years by the Anglo-Dutch oil major. For the record, Royal Dutch Shell PLC, is customarily referred as Shell, is an Anglo-Dutch oil and gas behemoth headquartered in the Netherlands.

The stake offloading is reported to raise $1.7 Billion as the company has worked out an underwriting agreement with two investment banks to sell 8.5% of Woodside net for A$31.10 per share.

Shell’s Chief Financial Officer, Jessica Uhl stated that the sale has been initiated as a part of the continuing plan to redesign the company. She further claimed the proceeds from the sale would be utilized to reduce the company’s overall debt. Shell has reportedly confirmed to not dispose any more stake in Woodside for ninety days post the completion of this sale.

For the record, Shell sold 10% of the capital of Woodside in November 2010 while retaining 24.27% interest in the company. The stake sale continued in 2014 with Shell selling approximately 9.5% issued capital of Woodside, further diluting the interest to 13.58%.

According to recent reports, Shell launched the stake sale as it felt that the influence of the firm in Woodside’s financial and operating policy decisions was on a decline.

Meanwhile, Woodside, Australia’s largest petroleum exploration and production enterprise said in a statement that the company’s strong and long-standing relationship with Shell shall continue following the divestment. It further remarked that Shell will remain a prominent joint venture partner in the North-West Shelf project and will always be a part of the company’s history.