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Shell Sells Stake in South Africa’s Biggest Refinery

Bloomberg

 

 

Shell Sells Stake in South Africa’s Biggest Refinery to Thebe 

By Carli Lourens

July 1 (Bloomberg) — Royal Dutch Shell Plc, which owns half of South Africa’s biggest refinery, sold 25 percent of its local refining unit to Thebe Investment Corp. to meet government requirements for ownership by black investors.

The transaction will take effect in October, Dennis Matsane, Shell’s spokesman in South Africa, said from his mobile phone today, adding the value of the deal won’t be disclosed.

The purchase gives Thebe 12.5 percent of Sapref, which Shell co-owns with BP Plc. Sapref can process 180,000 barrels a day of oil, or 23 percent of total refining capacity in South Africa, the biggest economy on the continent.

Oil companies operating in South Africa have agreed to sell a quarter of their business to black investors by 2010 as part of a government plan to redress racial imbalances caused by white rule under apartheid, which ended in 1994.

To contact the reporters on this story: Carli Lourens in Johannesburg at[email protected]

Last Updated: July 1, 2008 04:07 EDT

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