Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and commodities trader Trafigura are competing to acquire Shell Plc’s service stations in South Africa.
The sale has also drawn interest from South Africa’s Central Energy Fund, which owns PetroSA, Sasol Ltd., and Oman’s OQ Trading. A decision on the winning bidder could be made by the end of the year, though it may extend into 2025.
Shell is aiming to raise nearly $1 billion from the sale of its downstream unit in South Africa, which includes trading and fuel supply businesses.
The company operates a network of 600 service stations across the country. Rothschild & Co. is assisting Shell with the sale.
The bidding process is expected to narrow down in the coming weeks, with binding offers due by December.
Shell and Rothschild declined to comment on the divestment, while potential bidders, including Aramco, ADNOC, Central Energy Fund, OQ Trading, Sasol, and Trafigura, also refrained from commenting.
PetroSA highlighted the strategic value of Shell’s downstream assets, emphasizing their focus on stabilizing the business for long-term sustainability.
