Shell finalized the selling of its 20% shareholding in Vivo Energy Holding B.V. to Vitol Africa B.V. for a total amount of $250m, Petroleum Africa reported.
Shell stated in a press release that the completion of the transaction follows regulatory approval and is consistent with Shell’s strategic commitment to focus on downstream activity in areas where it can be most competitive, as informed on Business Daily Africa.
The sale was initially revealed by the end of 2016 when Shell signed an agreement to divest its interest in this venture.
Vivo Energy was a joint venture between Vitol Group, Helios Investment Partners, and Shell, created in 2011 to distribute and market Shell-branded fuels and lubricants in 16 African markets.
Following the sale, Vitol will acquire a 60 % stake in Vivo, leaving Helios Investment with a 40 % stake in the firm.
Shell will continue providing its fuels and products for the 16 countries in Africa through a long-term brand license agreement with Vivo Energy.