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Market Chatter: Shell Reportedly Close to Selling South Africa Fuel Stations to Adnoc Distribution

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Shell (SHEL.L, SHELL.AS) is close to selling more than 600 retail fuel outlets in South Africa to Abu Dhabi National Oil Co. for Distribution (ADX:ADNOCDIST), d/b/a Adnoc Distribution, Bloomberg News reported Tuesday, citing people familiar with the matter.

The British oil and gas giant is expected to announce a deal with Adnoc Distribution in the next few days, with the transaction reportedly valued at $1 billion. The negotiations are reportedly at an advanced stage.

Shell and Adnoc Distribution did not immediately respond to' requests 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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