BP sells stakes in southern Africa fuels marketing
BP has completed the sale of its fuels marketing businesses in Namibia, Botswana, Zambia, Malawi and Tanzania to Puma Energy.
The sale of the final business in Tanzania completed on September 1, the company said.
Puma Energy paid BP $296 million in cash (before working capital and net debt adjustments) for its interests in Namibia (100% share), Botswana (100%), Zambia (75%), Malawi (50%) and Tanzania (50%), it said.
The sale of the assets, which does not include the refining and marketing businesses in South Africa and Mozambique, follows BP’s strategic review of its southern African refining and marketing businesses last year, the company said.
Iain Conn, BP’s CEO for refining and marketing, said: “BP is pleased that the sale of Tanzania has now been completed successfully. We believe Puma Energy will be able to build on these good assets and develop them further.
“We are committed to developing and pursuing the significant growth potential of our businesses in South Africa and Mozambique.”
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