Shell Plc is negotiating the sale of its South African retail fuel stations to Abu Dhabi National Oil Co. (Adnoc). The deal carries a potential valuation of approximately $1 billion. Adnoc has emerged as the leading bidder for the network of 600 retail sites.
The acquisition would grant Adnoc a 10% market share in South Africa. Parties expect to finalize an agreement as early as the current quarter.
Shell initiated the sale process in 2024 to streamline its global portfolio. This move follows previous negotiations between Shell and the Gunvor Group that failed to materialize.
Adnoc aims to expand its international retail presence through this purchase. The company previously established a strategic partnership with BP in Egypt.