April 16, 2026 [Reuters]- Shell is in advanced talks with Abu Dhabi’s state oil company ADNOC to sell its retail fuel stations in South Africa in a deal likely to be valued at about $1 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.
ADNOC emerged as the preferred bidder after Shell’s negotiations with commodity trader Gunvor Group fell through, and an agreement could potentially be reached as early as this quarter, the report said.
The talks come amid volatility in the energy market following the Middle East conflict, prompting the British oil major to trim its first-quarter gas production outlook.
A deal would see the sale of Shell’s 600 retail fuel outlets, giving ADNOC about 10% of the market in South Africa, Bloomberg said.
Late in 2024, Shell, which has been in South Africa for more than a century, disclosed plans to exit its downstream businesses in the region.
ADNOC, which before the Iran war produced some 4% of global oil output, had previously disclosed plans to invest $150 billion between 2026 and 2030 to drive growth and meet global energy demand.
Shell and ADNOC Distribution did not immediately respond to Reuters requests for comment.
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