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Shell Comments on the Sale of SAPREF following SA Exit

Published 2024/05/27, 11:00
© Reuters.  Shell Comments on the Sale of SAPREF following SA Exit

In a recent official statement, Shell (LON:RDSa) Plc has affirmed to ITNA—IT News Africa—the accuracy of media reports regarding its plan to divest from South Africa. This entails the sale of its downstream assets, comprising more than 500 service stations or forecourts operated by the company within the country.

Subsequent to this departure from the South African market, it was announced in a statement over the past weekend that SDSA- Shell Downstream South Africa have finalized negotiations with bpSA regarding the sale of the SAPREF Precinct.

SAPREF sold to CEF

“Following successful negotiations, bpSA and Shell Downstream SA (Pty) Ltd (SDSA) have reached an agreement for the sale of the SAPREF Precinct and remaining assets to the South African state-owned entity, Central Energy Fund SOC Ltd- CEF.”

“The sale includes the SDSA and bpSA interests in the SAPREF land and other associated assets, which includes tanks, process units, pipelines to and from SAPREF to Island View terminal, and the Single Buoy Mooring for crude imports.” says Shell Plc in a statement

Staff retained

“Forty-eight permanent employees of SAPREF who work at the refinery site together with 16 trainees will also transfer to the CEF.”

“The sale will be subject to all applicable regulatory approvals and the parties have opted not to disclose the commercial terms.” added Shell Plc in a statement

SAPREF key in energy security and economic development

According to Country Chair for SDSA- Shell Downstream South Africa, Aluwani Museisi, “SAPREF has played a significant role in relation to local energy security and economic development thanks to its extremely committed management team and staff. This transaction will allow CEF to build on SAPREF’s history and to invest in local refining going forward. SDSA will continue to manage local supply to customers through our extensive terminal network.”

Energy and technology transition

CEO- Chief Executive Officer for Shell, Wael Sawan applauded energy and technology on human advancement during Shell’s strategic exit in the SA market. “Energy has made an incredible contribution to human development, allowing many people around the world to live more prosperous lives. Today, the world must meet growing demand for energy while tackling the urgent challenge of climate change. I am encouraged by the rapid progress in the energy transition in recent years in many countries and technologies, which reinforces my deep conviction in the direction of our strategy.”

The post Shell Comments on the Sale of SAPREF following SA Exit first appeared on IT News Africa | Business Technology, Telecoms and Startup News.

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