Shell Nears South Africa Fuel Sale

Shell NYSE:SHEL may be close to another major portfolio cleanup move.Bloomberg reported that Shell is in advanced talks to sell its South African fuel station network to ADNOC's retail arm in a deal worth about $1 billion. The transaction could be announced within days and would hand ADNOC roughly…

Shell NYSE:SHEL may be close to another major portfolio cleanup move.

Bloomberg reported that Shell is in advanced talks to sell its South African fuel station network to ADNOC's retail arm in a deal worth about $1 billion. The transaction could be announced within days and would hand ADNOC roughly 600 fuel stations, or about 10% of South Africa's retail fuel market.

For Shell, this fits the bigger strategy. The company has been selling non-core assets and focusing capital on businesses that can support long-term oil and gas production. The South Africa sale process began in 2024 and has continued despite recent Middle East tensions.

For ADNOC, the deal would expand its global downstream footprint. The company has been buying energy assets across Africa, Europe, the U.S. and Latin America, including a recent gas-project stake in Argentina.