Shell to exit South Africa after 120 years of business

  • 📰 CapeTownEtc
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Shell announced on Monday that it's selling the majority of its ownership in the South African business it's had for 120 years. The multinational oil company made the decision after an extensive review of its oil and renewable energy businesses across all regions.

Shell announced on Monday that it’s selling the majority of its ownership in the South African business it’s had for 120 years. The multinational oil company made the decision after an extensive review of its oil and renewable energy businesses across all regions.

Shell holds a majority share in Shell Downstream SA , which was formed by the merger agreement between Shell South Africa and Thebe Investment Corporation 10 years ago, according to Shell and Thebe Investments are still in a heated debate over the value of Thebe’s stake in the project.due to the fact that a key asset, the Sapref refinery in Durban, had been shut down since 2022, when partners BP and Shell implemented a ‘spending freeze’ and ordered the refinery’s operations to be shut down.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 17. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shell is ditching its SA downstream business after more than 120 yearsShell is ditching its SA downstream business after more than 120 years
Source: News24 - 🏆 4. / 80 Read more »