<\/p>\n
Shell Plc is in advanced talks with Abu Dhabi National Oil Co (Adnoc) to sell its retail fuel stations in South Africa, according to people with knowledge of the matter.<\/p>\n
Adnoc emerged as the preferred bidder after Shell\u2019s talks with Gunvor Group \u2013 one of the world\u2019s biggest independent oil traders \u2013 fell through, said the people who asked not to be identified as the discussions are private. An agreement may be reached as early as this quarter, they said.<\/p>\n
Read:<\/p>\n
Abu Dhabi National Oil Co shortlisted to buy Shell\u2019s SA downstream assets
\nANC or not, Shell is gone, BP is surely next and Total will follow [May 2024]<\/p>\n
An Adnoc unit said the company continually reviews opportunities for growth and declined to comment further. Shell declined to comment.<\/p>\n
Acquiring Shell\u2019s 600 retail fuel outlets will give Adnoc about 10% of the market in Africa\u2019s biggest economy. The deal is likely to be valued at about $1 billion, the people said.<\/p>\n
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The sale process started in 2024 and has advanced despite the conflict in the Middle East, showcasing Adnoc\u2019s desire to expand in the world\u2019s second-largest continent.<\/p>\n
In April, Adnoc agreed to invest $500 million with its partner BP Plc to develop a gas field in Egypt, and has also been expanding its retail presence in that country.<\/p>\n
Read:
Shell, Thebe near R18.5bn SA oil-asset sales pact
Aramco, Trafigura said to compete for Shell\u2019s SA assets<\/p>\n
The retail fuel market in South Africa has changed significantly in recent years, with trader Glencore Plc acquiring Chevron Corp\u2019s Caltex-branded stations in 2018, while Vitol Group\u2019s Vivo Energy last year bought Engen Ltd, the nation\u2019s largest fuel-station chain.<\/p>\n
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Shell has been looking to sell its non-core holdings globally.<\/p>\n
Other interested parties in the South African assets included Trafigura\u2019s Puma Energy, Sasol Ltd and state-owned PetroSA, though they aren\u2019t part of the process anymore, the people said.<\/p>\n
\u00a9\u00a02026\u00a0Bloomberg<\/p>\n
#Adnoc #advanced #talks #buy #Shells #fuel #stations<\/p>\n","protected":false},"excerpt":{"rendered":"
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