By OGJ editors
HOUSTON, Nov. 16 -- BP PLC has agreed to sell its fuels marketing businesses in Namibia, Botswana, and Zambia to Puma Energy International BV, Amsterdam. BP also has agreed to sell its 50% interest in each of BP Malawi and BP Tanzania to Puma, subject to the preemptive rights of its coshareholders—Press Corp. Ltd. in Malawi and the Tanzanian government in Tanzania.
The decision to divest these businesses, which was first announced by BP in March, followed a strategic review of BP's southern African refining and marketing businesses. The sales do not include BP's refining and marketing businesses in Mozambique or South Africa.
Puma, which is already involved in a number of strategic partnerships in the sub-Saharan downstream industry, has confirmed that Angola's state-owned Sonangol intends to take a 10% stake in the acquired businesses.
Puma has agreed to pay BP a total of $296 million in cash, subject to certain post-completion price adjustments, for all of BP's interests in BP Namibia (100% share), BP Botswana (100%), BP Zambia (75%), BP Malawi (50%), and BP Tanzania (50%).
The sale in each country is subject to different regulatory approvals as required and it is expected that sale of BP Botswana will complete in 2010 with completion in the other countries to take place in 2011.
The five businesses in which BP is selling its interests supply commercial fuels, aviation fuel, lubricants, and a total of almost 190 service stations across the five countries. They also own and operate storage depots and, in Namibia, an import terminal and, in total, employ some 402 staff.
Photo from TotalEnergies.
