Shell sells SA stations to ADNOC $1bn

Shell Plc is in advanced talks with Abu Dhabi National Oil Co. to sell its 600 South African fuel stations.
The transaction, valued at roughly $1 billion, would give ADNOC about 10% market share in South Africa’s fuel retail market.
ADNOC became preferred bidder after Shell’s negotiations with Gunvor Group collapsed; a deal could be finalized within this quarter.
In April, ADNOC also committed $500 million with BP to develop an Egyptian gas field and expand its retail footprint there.