ADNOC, Aramco considering bids for Shell's South Africa assets, Bloomberg News reports (updated)

Sasol

24/05/2024 13:35

(Adds details and background from paragraph 3)
       May 24 (Reuters) - Abu Dhabi National Oil Co (ADNOC) and
Saudi Aramco  2223.SE  are among companies weighing bids for oil
major Shell's  SHEL.L  downstream assets in South Africa,
Bloomberg News reported on Friday, citing people familiar with
the matter.
    South Africa's Sasol  SOLJ.J  is also considering an offer
for the business, which could be valued at more than $800
million, the report said.
    Puma Energy, a unit of Swiss-based Trafigura Group, and
Glencore  GLEN.L  are also some potential suitors that could
study the assets ahead of a bid deadline in the coming weeks,
Bloomberg said citing sources.
    "We have been approached by several highly credible parties
which cannot be disclosed at this stage," a Shell spokesperson
told Reuters.
    ADNOC, Sasol and Glencore did not immediately respond to
Reuters' request for comment. Aramco was not immediately
available for a comment, while Puma Energy said it had no
comment on the matter.
    Deliberations are in early stages and other bidders for the
assets could also emerge, Bloomberg News said.
    Earlier this month, Shell said it will divest its majority
stake from a local South African downstream unit after a
comprehensive review of its businesses across all regions.
    Shell Downstream SA (SDSA) was formed after Shell South
Africa and Thebe Investment Corporation agreed to merge Shell
South Africa Marketing and Shell South Refining a decade ago.

 (Reporting by Echha Jain and Yadarisa Shabong in Bengaluru;
Editing by Nivedita Bhattacharjee and Varun H K)
 ((Echha.Jain@thomsonreuters.com;))