BP Completes Sale of Five Southern African Marketing Businesses to Puma Energy

BP has now completed the sale to Puma Energy of its fuels marketing businesses in Namibia, Botswana, Zambia, Malawi and Tanzania. The sale of the final business in Tanzania completed on September 1.

Puma Energy paid BP a total of US$296 million in cash, (before working capital and net debt adjustments), for its interests in BP Namibia (Proprietary) Limited (1000 per cent share), BP Botswana (Proprietary) Limited (1000 per cent), BP Zambia Plc. (705 per cent), BP Malawi Limited (500 per cent), and BP Tanzania Limited (500 per cent).

The sale of the assets, which does not include the refining and marketing businesses in South Africa and Mozambique, follows BP’s strategic review of its southern African refining and marketing businesses last year.

Iain Conn, BP’s Chief Executive for Refining and Marketing said “BP is pleased that the sale of Tanzania has now been completed successfully. We believe Puma Energy will be able to build on these good assets and develop them further.

“We are committed to developing and pursuing the significant growth potential of our businesses in South Africa and Mozambique.”

 

This article was originally posted on Southern Africa Business Communities

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