Shell To Sell African Assets For $1B

Royal Dutch Shellis offloading its retail fuels business in 14 African countries for $1 billion,Bloombergreports.Vitol Groupand Africa- focused private equity firm,Helios Investment Partners, will create a joint venture to acquire Shell’s business fueling retail, commercial, aviation and marine customers as well as lubricants and liquefied petroleum gas in the countries.

Hague-based Shell, which will hold a 20% stake in the new company, is targeting asset sales of as much as $5 billion this year. The company, which has sold about $30 billion of assets worldwide over the last five years, may put assets from five more countries into the venture.

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