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Shell plc (NYSE:SHEL) reportedly plans to divest majority of its shareholding from a local South African downstream unit.
The move came after a comprehensive review of its businesses across all regions, reported Reuters.
“As a result of this review, Shell has decided to reshape the downstream portfolio and intends to divest our shareholding in SDSA … this decision was not taken lightly,” a Shell statement said, which the report cited.
Notably, Shell Downstream SA (SDSA) was formed after Shell South Africa and black empowerment company Thebe Investment agreed a decade ago to merge Shell South Africa Marketing and Shell South Refining businesses.
The report further noted that Shell said that it would work to preserve SDSA’s operating capabilities and maintain its brand presence during the asset sale procedure.
As per the report, Shell, which has been present in South Africa for over a century, is still exploring the country’s offshore, incurring opposition from environmental campaigners.
In another development, the oil & gas giant is reportedly in talks with Saudi Arabia’s state-owned oil & gas giant, Saudi Aramco, to sell its gas station business in Malaysia.
At the end of the first quarter, Shell had a net debt of $40.5 billion, with a gearing ratio of 17.7%.
Shell stock has gained ~19% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (HJEN) and VanEck Natural Resources ETF (HAP).
Price Action: SHEL shares are up 0.57% at $72.79 at the last check Monday.
Image by siam.pukkato via Shutterstock
Posted In: SHEL
