April 28, 2017 [OPIS] - Royal Dutch Shell has completed the sale of its 20% stake in Vivo Energy to Vitol Africa for a total amount of $250 million, the oil major said in a statement yesterday.
This sale was announced on Dec. 23 when Shell signed an agreement to sell its stake in Vivo Energy. Following regulatory approval the deal was completed and Shell says it is part of its commitment to focus downstream activity on areas where it can be more competitive.
Shell fuels and products will continue to be available in 16 countries in Africa by means of a long-term brand licence agreement with Vivo Energy.
Shell announced last month it had sold its entire Gabon onshore upstream interests to Assala Energy Holdings for $587 million. The company said that it expected the pace of asset sales to increase to $30 billion of divestments in the period to 2018.
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