No matter the failings – or otherwise – of the ANC-led government, Shell was always going to divest its downstream operations in South Africa. There are forces at work that are way stronger than anything Luthuli House and its merry band of mismanagers can throw at an economy.
It has steadily and deliberately been selling downstream assets for over a decade. In 2011, it announced its intention to divest most of its shareholding in its African downstream business . This included Botswana, Burkina Faso, Côte d’Ivoire, Guinea, Kenya and Namibia. In 2014, it sold its Australian downstream oil assets to Vitol and the Abu Dhabi Investment Council.
“However, in March 2017, in the context of regulatory uncertainty linked to clean fuels policies, Chevron announced the sale of its 75% owned refining and marketing affiliate to Chinese National Oil Company Sinopec for US$ 900m. Petronas, which owned Engen – the largest petrol retailer in the country, announced last year that it would sell its 74% stake in the business to Vivo Energy. Vivo, memorably, was listed on the JSE for a short while. This business was built up over time by the purchase of service station networks across Africa, starting with the Shell transaction in 2011. At the end of last year, it owned over 2 700 sites on the continent.
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