Shell Sells South Africa Fuel Stations to ADNOC

Shell plc is in advanced negotiations with Abu Dhabi National Oil Company to sell its retail fuel station network in South Africa for approximately $1 billion. This move is part of Shell plc's broader strategy to divest non-core assets and exit downstream operations in the region, ending its over century-long presence in South Africa's fuel retail market. Abu Dhabi National Oil Company emerged as the preferred bidder after earlier talks between Shell plc and Gunvor fell through. The acquisition would grant Abu Dhabi National Oil Company about 10% of South Africa's fuel retail market, aligning with its global expansion ambitions. This deal follows other significant changes in the South African fuel retail landscape, including Glencore's acquisition of Chevron Corporation's Caltex stations and Vitol's Vivo Energy acquiring Petronas===Engen Petroleum.