Abu Dhabi National Oil Co. and Swiss commodities trading firm Gunvor are among companies that have been shortlisted to buy Shell Plc\u2019s downstream assets in South Africa, according to people familiar with the matter. <\/p>\n\n\n\n
The two companies are strong contenders for the assets that are valued at about $1 billion, said the people, who asked not to be identified as the information is private.\u00a0<\/p>\n\n\n\n
Previous\u00a0potential bidders including Trafigura\u2019s Puma Energy, Sasol Ltd. and South Africa\u2019s PetroSA are no longer in the running, two of the people said.\u00a0<\/p>\n\n\n\n
\u201cWhile Adnoc Distribution regularly reviews opportunities for domestic and international growth, we don\u2019t comment on market speculation,\u201d Adnoc\u2019s fuel retail unit said. <\/p>\n\n\n\n
Shell, Gunvor, Trafigura and Sasol declined to comment. PetroSA did not immediately reply to a request for comment.<\/p>\n\n\n\n
Shell has been looking to offload the assets, which include about 600 fuel stations and trading operations in Africa\u2019s biggest economy, as part of a broader strategy to focus on regions and businesses that offer higher returns. <\/p>\n\n\n\n
The assets are attractive for trading firms since they ensure demand for fuels that they can then supply. <\/p>\n\n\n\n
Adnoc and other Middle East oil companies such as Saudi Aramco have been expanding their trading arms as they look to break into new markets. \u00a0<\/p>\n\n\n\n
Shell is working with adviser Rothschild & Co and a winner could be announced in the coming weeks, the people said. Talks are continuing and there\u2019s no certainty there will be a final sale, they said. <\/p>\n\n\n\n
Saudi Aramco has also been involved in the process, but it wasn\u2019t immediately clear if it was still in the running, the people said. Aramco declined to comment. A deal would give the buyer about 10% of South Africa\u2019s fuel stations. <\/p>\n\n\n\n
The market in the country has changed significantly in recent years with trader Glencore Plc acquiring Chevron Corp.\u2019s Caltex-branded stations a few years back.<\/p>\n\n\n\n
Ttrader Vitol Group\u2019s Vivo Energy last year bought Engen Ltd., the African nation\u2019s largest petrol station chain.\u00a0<\/p>\n\n\n\n
Shell itself\u00a0sold\u00a0South Africa\u2019s largest refinery to the state-owned Central Energy Fund after the oil major had stopped processing there in 2022.<\/p>\n\n\n\n
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