Adnoc and Gunvor have been shortlisted to acquire Shell’s downstream assets in South Africa, valued at around $1 billion, according to sources. Former bidders like Puma Energy, Sasol, and PetroSA are no longer in contention.
Adnoc declined to comment on speculation, while Shell, Gunvor, and others also withheld statements.Shell is selling its South African downstream assets—including 600 fuel stations and trading operations—as part of a strategy to focus on higher-return markets.
The assets appeal to trading firms for their guaranteed fuel demand. Adnoc and other Middle Eastern companies like Saudi Aramco have shown interest as they expand globally.
Shell is working with Rothschild & Co, and a buyer may be announced soon, though a final sale is not guaranteed. Aramco’s current status in the bidding process is unclear.A successful deal would grant the buyer control of around 10% of South Africa’s fuel retail market.
The country’s fuel landscape has shifted notably in recent years, with Glencore acquiring Chevron’s Caltex-branded stations and Vitol’s Vivo Energy purchasing Engen, the nation’s largest gas station network, in 2023. Shell previously sold its majority stake in South Africa’s largest refinery to the state-owned Central Energy Fund after halting operations there in 2022.
