You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: We had an announcement over the weekend that was quite a developing story around Shell considering disinvesting out of South Africa and winding up that investment. We’ve since received more confirmation that that seems to be the case, including a statement from Shell itself that we’ll get into in a little bit.
That’s where the challenge happened because, as you are saying, Shell made so much money even in the past year – how can the 28% be worth zero? But I want to look at the other developments around South Africa. Anglo American – or BHP rather – coming through announcing they’re looking to buy up Anglo American, but they don’t want the South African assets. That’s the one side of it.
But my suspicion is that probably Shell, this is a tactic that they are adopting; they are crying for help. They’re trying to maybe catch the attention of the state for the state to intervene. ADVERTISEMENT CONTINUE READING BELOW The same as VW, because, remember, all these companies that are in South Africa – automotive ones – are getting a huge amount of money and subsidies from the South African government.
Shell commentary: Shell has undertaken a comprehensive review of the downstream and renewable businesses across all regions and markets. This is in line with Shell’s forecast on performance, discipline and simplification. As a result of this review, Shell has decided to reshape the downstream portfolio and intends to diverse our shareholding in Shell downstream South Africa.
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