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Royal Dutch Shell to pull out of Zimbabwe – report

Reuters UK

UPDATE 1-Royal Dutch Shell to pull out of Zimbabwe – report

Fri Jul 11, 2008 6:18pm BST

AMSTERDAM, July 11 (Reuters) – Anglo-Dutch oil giant Royal Dutch Shell Plc. (RDSa.L: QuoteProfile,Research)(RDSb.L: QuoteProfile,Research) will pull out of Zimbabwe, a spokesman for the company told Dutch news agency ANP on Friday.

 

He said Royal Dutch Shell would sell its 50 percent stake in a joint venture with British Petroleum (BP.L: QuoteProfile,Research) in that country to South Africa’s Engen Petroleum ENGN.BT.

The spokesman added it was a strategic decision made after a study conducted last year into the profitability of all downstream activities and was unrelated to the political situation.

Zimbabwe warned on Thursday that a proposed U.N. resolution imposing sanctions on its leadership because of elections marred by violence could start a civil war and turn the country into another Somalia.

(Reporting by Alexandra Hudson; editing by Rory Channing)

 

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