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Adnoc Seen as Frontrunner for Shell’s South Africa Assets

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Adnoc is understood to be the frontrunner to buy Shell’s downstream business in South Africa, according to industry sources. The sale of Shell’s downstream unit, which includes a nationwide service station network, has attracted interest from several international companies. An award is likely to be made in June, one source said, while another expects it to happen in the third quarter. Sources had told ʶԳ in February that Adnoc’s Abu Dhabi-listed retail unit, Adnoc Distribution, and trading giant Gunvor were still among those vying to buy the assets after Saudi Aramco dropped out of the race. Adnoc Distribution declined to comment, and Shell did not immediately respond to a request for comment. Shell, which has more than 500 service stations across South Africa, previously said that it had decided to divest its shareholding in Shell Downstream South Africa following “a comprehensive review” of its downstream and renewables businesses.

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