ADNOC, Aramco Considering Bids for Shell's South Africa Assets, Bloomberg News Reports
05.27.2024 By Tank Terminals - NEWS

May 27, 2024 [Reuters]- Abu Dhabi National Oil Co (ADNOC) and Saudi Aramco are among companies weighing bids for oil major Shell’s downstream assets in South Africa, Bloomberg News reported on Friday, citing people familiar with the matter.

 

South Africa’s Sasol is also considering an offer for the business, which could be valued at more than $800 million, the report said.

Puma Energy, a unit of Swiss-based Trafigura Group, and Glencore are also some potential suitors that could study the assets ahead of a bid deadline in the coming weeks, the Bloomberg report said.

“We have been approached by several highly credible parties which cannot be disclosed at this stage,” a Shell spokesperson told Reuters.

ADNOC did not immediately respond to a Reuters request for comment. Aramco was not immediately available for comment, while Glencore, Trafigura, Puma Energy and Sasol said they had no comment on the matter.

“We do not comment on confidential M&A or commercial matters and do not respond to market speculation,” a spokesperson for Sasol said in an email response.

Deliberations are in early stages and other bidders for the assets could also emerge, Bloomberg News said.

Earlier this month, Shell said it will divest its majority stake from a local South African downstream unit after a comprehensive review of its businesses across all regions.

Shell Downstream SA (SDSA) was formed after Shell South Africa and Thebe Investment Corp agreed to merge Shell South Africa Marketing and Shell South Refining a decade ago.

 

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