Shell announced on Monday that it’s selling the majority of its ownership in the South African business it’s had for 120 years. The multinational oil company made the decision after an extensive review of its oil and renewable energy businesses across all regions.
Shell holds a majority share in Shell Downstream SA , which was formed by the merger agreement between Shell South Africa and Thebe Investment Corporation 10 years ago, according to Shell and Thebe Investments are still in a heated debate over the value of Thebe’s stake in the project.due to the fact that a key asset, the Sapref refinery in Durban, had been shut down since 2022, when partners BP and Shell implemented a ‘spending freeze’ and ordered the refinery’s operations to be shut down.