30th Jun 2026 12:33
(Alliance News) - Shell PLC is nearing a sale of its South African fuel stations sale to a unit of Abu Dhabi National Oil Co, Bloomberg reported Tuesday.
The London-based oil major and the retail arm of Abu Dhabi National Oil are preparing to announce a deal in the coming days, Bloomberg said, citing people familiar with the matter.
The deal is valued at about USD1 billion and would give Adnoc control over 600 retail fuel outlets in South Africa, or around 10% of the market.
Talks are advanced and no final agreement has been reached, Bloomberg added.
The sale process started in 2024 and has progressed despite the conflict in the Middle East which has disrupted Adnoc's business.
Shell shares were 0.5% higher at 2,915.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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