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BP to sell African downstream businesses to Trafigura

15 Nov 2010 08:27 GMT

Johannesburg, 15 November (Argus) — BP said today that it will sell its downstream marketing interests in five southern African countries to Puma Energy, a subsidiary of trading house Trafigura, for $296mn. Angola's state-owned Sonangol intends to take a 10pc stake in the businesses, Puma Energy said.

Puma Energy will pay $296mn for BP's 100pc stakes in BP Namibia and BP Botswana, its 75pc stake in BP Zambia and 50pc stakes in BP Malawi and BP Tanzania. The Malawi and Tanzania sales are subject to the pre-emption rights of co-shareholders Press Corp and the Tanzanian government respectively. The sales price to Puma Energy is subject to certain post-completion adjustments.

The marketing businesses supply commercial fuels, aviation fuel and lubricants and include a total of almost 190 service stations across the five countries, storage depots and an import terminal in Namibia. The sale does not include BP's refining and marketing businesses in Mozambique and South Africa.

Puma Energy already has marketing outlets in Mozambique, Democratic Republic of the Congo and Angola.

BP said the decision to sell the businesses followed a strategic review of its southern African refining and marketing businesses operations. The firm has been selling a number of non-core businesses to raise up to $30bn to meet its financial obligations from the Macondo spill in the Gulf of Mexico earlier this year.

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