Petroleum Africa
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Wednesday, December 28, 2016
Shell signed an agreement with Vitol Africa B.V. to sell its 20% shareholding in Vivo Energy for $250 million. Completion of this transaction is expected during H1 2017, subject to regulatory approval.
The sale is in line with Shell’s strategy to concentrate its downstream operations where it can be most competitive.
As part of the transaction, a long-term brand license agreement has been renewed with Vitol to ensure that the Shell brand will remain visible in more than 16 countries across Africa.
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