{"id":92401,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-mulls-bid-for-shells-downstream-assets-in-south-africa\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"adnoc-mulls-bid-for-shells-downstream-assets-in-south-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/27\/adnoc-mulls-bid-for-shells-downstream-assets-in-south-africa\/","title":{"rendered":"Adnoc mulls bid for Shell\u2019s downstream assets in South Africa"},"content":{"rendered":"

The Abu Dhabi National Oil Company (Adnoc) is reportedly eyeing Shell\u2019s <\/strong>downstream assets in South Africa, <\/strong>Bloomberg<\/a> reports, citing unnamed sources familiar with the matter. The potential sale, which could be priced at USD 800 mn, would be the latest step in Shell\u2019s ongoing divestment from South Africa, following the sale of the country\u2019s largest oil refinery in 2022. Talks are ongoing with \u201cseveral highly credible parties,\u201d Bloomberg quotes Shell\u2019s spokesperson as saying.<\/p>\n

What\u2019s on the table:<\/strong> The sale would include the company\u2019s aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations, Shell had <\/span>confirmed<\/a> earlier this month. Shell owns a network of 600 stations across the country.<\/span><\/p>\n

Other potential bidders reportedly include Saudi Aramco, <\/strong>South Africa\u2019s chemicals and energy player Sasol, Switzerland-based Puma Energy, and Swiss company Glencore.<\/p>\n

REMEMBER- The oil giant has been making acquisitions to expand its LNG business and diversify operations. <\/strong>Adnoc made its first investment in the US last week<\/a> with the acquisition of a minority stake in a USD 18 bn Texas LNG project. It also acquired<\/a> a 10% stake in a concession in Mozambique. The firm is also mulling a stake acquisition in AmeriGas<\/a>, the propane distribution unit of US utility holding company UGI Corp, through its subsidiary Adnoc Distribution, as part of plans to diversify away from oil.<\/p>\n

IN OTHER M&A NEWS-<\/p>\n

Ghitha\u2019s trading arm <\/strong>Invictus<\/a><\/strong> made a formal offer to acquire a controlling stake in an <\/strong>agro-food manufacturing company primarily operating in North Africa<\/strong>, according to an ADX disclosure (pdf)<\/a>. The acquisition will directly benefit Invictus' agro-commodity trading business, according to the statement.<\/p>\n

REMEMBER- Invictus has been eyeing African expansion: <\/strong>The company completed its acquisition<\/a> of a 60% stake in Zalar Holding's interests in Moroccan agriculture trading company Graderco and all its subsidiaries in April, after expanding in Tanzania, Mozambique, Turkey, Malawi, Burundi, and Rwanda in 2023. <\/p>\n","protected":false},"excerpt":{"rendered":"

The potential sale could have a price tag of USD 800 mn<\/p>\n","protected":false},"author":1,"featured_media":92402,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[57,143,7,505,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-energy","tag-enterpriseam-uae","tag-lng","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"ec1cba19-79b6-4f5f-af65-82bdc46abb56","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2072.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc mulls bid for Shell\u2019s downstream assets in South Africa","related_issue":[92394],"teaser":"The potential sale could have a price tag of USD 800 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b6747876-15e0-48c5-83b8-9954e3568ea4.mp3"},"yoast_head":"\nAdnoc mulls bid for Shell\u2019s downstream assets in South Africa - 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