Shell Plc is in advanced talks with Abu Dhabi National Oil Co (Adnoc) to sell its retail fuel stations in South Africa, according to people with knowledge of the matter.
Adnoc emerged as the preferred bidder after Shell’s talks with Gunvor Group – one of the world’s biggest independent oil traders – fell through, said the people who asked not to be identified as the discussions are private. An agreement may be reached as early as this quarter, they said.
An Adnoc unit said the company continually reviews opportunities for growth and declined to comment further. Shell declined to comment.
Acquiring Shell’s 600 retail fuel outlets will give Adnoc about 10% of the market in Africa’s biggest economy. The deal is likely to be valued at about $1 billion, the people said.
The sale process started in 2024 and has advanced despite the conflict in the Middle East, showcasing Adnoc’s
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