Shell has sold its 580 South African petrol stations to Abu Dhabi National Oil Company for $1 billion, ending a retail presence dating back to 1902. The forecourts will retain the Shell brand under licence, while Shell continues offshore oil and gas exploration in the Orange Basin, Cape Basin, and the Wild Coast region. The deal marks a significant expansion for state-owned Adnoc, which will sell a 28% stake to a local empowerment partner to comply with South African rules. The sale comes amid a wave of Western company exits from South Africa, where violent anti-immigrant protests, 33% unemployment, and sub-1% growth have unsettled the economy.
Shell plcShell sells its South African retail network for $1bn, exiting a long-standing market amid economic challenges.
HSBC Holdings PLC