BP to quit 5 African States

Oil major BP Plc said on Tuesday it would pull out of five countries in southern Africa following a strategy review, but would still invest to grow its market share in Mozambique and South Africa.

The company said it plans to sell its marketing businesses in Namibia, Malawi, Tanzania, Zambia and Botswana, but said Mozambique and South Africa offered better synergies with its supply portfolio.

"I would like to stress that BP is and will stay committed to Africa," BP Africa's Chief Executive Sipho Maseko said.

"We have significant operations in Angola, Mozambique and South Africa and in Algeria, Egypt and Libya. We will continue to grow and invest in those markets, especially in the value chain infrastructure."

BP said it had informed the governments of the five countries it is exiting of its plans, but did not specify when the assets would be sold.

Source: Reuters, Tuesday 2 March 2010