21 Feb '11, 10am

Shell agrees to sell African downstream assets for US$1b: LONDON: Anglo-Dutch energy giant Shell said Monday it

LONDON: Anglo-Dutch energy giant Shell said Monday it agreed to sell most of its African downstream activities to Swiss group Vitol and Africa-based Helios Investment Partners for $1 billion (740 million euros). "Shell today announced it has agreed to divest the majority of its shareholding in most of its downstream businesses in Africa to Vitol and Helios Investment Partners for a total consideration of some $1 billion," it said. The energy major, which is seeking to sell non-core assets, added that it will create two new joint ventures under the proposed deal. The first venture will own and operate Shell's existing oil products, distribution and retailing businesses in 14 African countries, including Ivory Coast, Egypt, Morocco, Kenya, Uganda and Madagascar. Shell will sell an 80-percent stake in the fuels and lubricants assets to oil trading giant Vitol and Africa-focus...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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