New owners lined up for Shell petrol stations in South Africa
Abu Dhabi National Oil Co. and Swiss commodities trading firm Gunvor are among companies that have been shortlisted to buy Shell Plc's downstream assets in South Africa, according to various news reports over the weekend.
The two companies are strong contenders for the assets that are valued at about $1 billion (R18.82 billion), the reports said, citing people, who asked not to be identified, as the information was private.
Previous potential bidders including Trafigura's Puma Energy, Sasol and PetroSA are no longer in the running, the reports said.
'While Adnoc Distribution regularly reviews opportunities for domestic and international growth, we don't comment on market speculation,' Adnoc's fuel retail unit said.
Shell has been looking to offload the assets, which include about 600 fuel stations and trading operations in Africa's biggest economy, as part of a broader strategy to focus on regions and businesses that offer higher returns.
The assets are attractive for trading firms since they ensure demand for fuels that they can then supply.
Adnoc and other Middle East oil companies such as Saudi Aramco have been expanding their trading arms as they look to break into new markets.
Talks were continuing and there was no certainty there would be a final sale, the reports said.
A deal would give the buyer about 10% of South Africa's fuel stations.
The market in the country has changed significantly in recent years with trader Glencore Plc acquiring Chevron Corp.'s Caltex-branded stations a few years back.
Ttrader Vitol Group's Vivo Energy last year bought Engen, the African nation's largest petrol station chain.
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