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Shell's African fuels sale nears completion

March 02/2012

(firstenercastfinancial) -- Royal Dutch Shell's deal to sell most of its African fuels businesses to oil trading giant Vitol Holding BV and Africa-focused private equity firm Helios Investment Partners is edging closer to full completion, the companies said Wednesday.

The near-USD1 billion transaction, announced early last year, is part of the Anglo-Dutch oil giant's strategic plan to trim those parts of its global portfolio seen as less essential to its future growth prospects.

The second phase of a sales process in which Vitol and Helios each took control of 40% of Shell's fuel and lubricants assets in 14 African countries has now concluded, Vitol said in a statement. The former Shell businesses have since been folded into a new entity, Vivo Energy, which will still produce Shell branded products.

A separate company, Vivo Lubricants, owned 50% by Shell and 50% by Vitol and Helios, will operate Shell's existing lubricants-blending plants in seven countries and market these products across the continent.
Author:Anna Larionova
Category:General News
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