Energy Risk Africa

Energy Risk Africa

Tuesday, August 30, 2011

Tanzania watchdog okays BP sale of fuel firm stake

The BP logo is seen at a petrol station in London, October 26, 2004.
- Tanzania's competition regulator on Friday approved the sale by London-based BP of a 50 percent stake in a fuel marketing business in the east African country to Puma Energy, a subsidiary of Dutch commodity trader Trafigura.
The deal follows an announcement by the oil major in November that it had agreed to sell its southern African network to Trafigura for $296 million, part of a trend that oil majors are exiting fuel retail businesses.
The go-ahead was granted by Tanzania's Fair Competition Commission (FCC) after BP announced it would sell interests in forecourts and supply businesses in Namibia, Botswana, Zambia, Tanzania and Malawi to Puma Energy.
Oil traders such as Trafigura have not historically involved themselves in fuel retail business.
Tanzania's government, which owns the remaining 50 percent stake in BP Tanzania, did not object to the acquisition.

No comments:

Post a Comment