Petroleum Africa
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Monday, October 9, 2006
Petroleum Africa earlier today reported in its breaking news alert that ExxonMobil would sell its downstream assets in six countries. In a news release this afternoon, ExxonMobil confirmed that it had indeed signed agreements with Tamoil Africa Holdings Limited, for the sale of shares in its affiliates’ fuels and lubes companies in Cameroon, Cote d’Ivoire, Gabon, Kenya, Senegal, and Reunion Island.
The ExxonMobil news release said that the agreements cover its motor fuels, lubricants, and marine petroleum products businesses, plus the aviation businesses in all countries except Reunion Island. These transactions will include a network of about 300 service stations and the associated supply and distribution facilities.
These agreements may be subject to approval of the relevant authorities. On completion, as this is a sale of shares, all contractual and commercial terms of the company, as well as existing employment contracts, will remain valid. Petroleum Africa’s source reported that employees at all locations were briefed this morning on the impending transaction.
ExxonMobil clarified that the transactions would not affect its upstream activities in Africa, which it says represents a significant and growing part of the company’s portfolio. ExxonMobil also said it will continue to have a significant operating presence in the fuels and lubricants businesses in Egypt, Morocco, Nigeria, and Tunisia.
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