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Market Chatter: Shell Close to Deal to Sell South Africa Fuel Outlets to Abu Dhabi National Oil's Retail Arm for $1 Billion

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Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported Tuesday, citing people familiar with the matter.

The deal would give Adnoc Distribution control of 10% of South Africa's market, the report said.

The sale would help Shell's plan of shedding non-core holdings, the report said.

No final agreement has been reached, the report said.

Shell and Adnoc Distribution did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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