Shell PLC said on Tuesday it has been approached by ‘several highly credible parties’ interested in its retail business in South Africa.
The London-based oil major revealed on Monday it planned to divest Shell Downstream South Africa (Pty) Ltd, which operates over 600 service stations.
Thebe Investment Corp hold 28% of Shell Downstream South Africa and Shell owns the rest.
The oil giant said it had taken the decision to exit South Africa as part of its intention to ‘reshape’ its downstream portfolio.
Shell Downstream South Africa told Alliance News on Tuesday it will work to preserve the Shell-branded service stations under new ownership via brand licensing agreement.
‘Shell has been approached by several highly credible parties, which cannot be disclosed at this stage due to confidentially agreements,’ Pam Ntaka, spokesperson for Shell Downstream South Africa, told Alliance News.
‘Over more than 120 years in South Africa, Shell has built an enormous legacy that we can all be proud of,’ the company said in a statement on Monday.
Shares in the London-based oil major rose 1.4% to 2,898.50 pence on Tuesday afternoon in London.
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