Under the deal, the company will retain equity in two new joint ventures, which will ensure the availability of Shell fuels and lubricants in 14 African countries under the Shell brand.
Shell will hold a 20% interest in one joint venture, with oil trader Vitol and private investment firm Helios holding the remaining 80% stake.
This joint venture will own and operate Shell’s existing oil products, distribution and retailing businesses in 14 African countries, with the potential to add five more in future.
A separate company, which will be 50% owned by Shell and 50% by Vitol and Helios, will own and operate Shell’s existing lubricants blending plants in seven countries.
Vitol Group president and CEO Ian Taylor said that these two new ventures allow Vitol to invest in Africa and its fast-growing economies, and grow all the businesses under the umbrella of the world-class Shell brand for the benefit of its customers.
