Shell Petroleum B.V. has agreed to sell its full interest in Shell Nigeria Gas Group to Vaaris Energy Limited, a Nigerian energy company.
The proposed transaction covers Shell’s domestic gas distribution business, not its upstream gas production, liquefied natural gas or international gas trading operations. It remains subject to regulatory conditions and approvals.
Until the deal is completed, Shell Nigeria Gas Group will remain part of Shell and continue operating and serving customers as usual, the company said.
Shell Nigeria Gas was established in 1998. Vanguard reported that it supplies industrial and commercial customers through about 170 kilometres of pipelines across Ogun, Abia and Rivers states, with more than 130 connected customers.
The transaction includes Shell Nigeria Gas Holding B.V., established in 2019, which holds all but one of the shares in Shell Nigeria Gas Limited, according to Vanguard.
Shell’s Country Chair in Nigeria, Elohor Aiboni, said the agreement would give the distribution business a stronger platform under new ownership. Shell said the sale was part of its effort to simplify its portfolio and concentrate investment on businesses where it has competitive strengths.
The company said it would continue focusing on deepwater and integrated gas operations in Nigeria, including its interest in Nigeria LNG.
Sources: Vanguard, Daily Post
Something we should clarify?
Contact the newsroom
