BP Completes Sale of Five Southern African Marketing Businesses

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 (100 per cent share), BP Botswana (Proprietary) Limited (100 per cent), BP Zambia Plc. (75 per cent), BP Malawi Limited (50 per cent), and BP Tanzania Limited (50 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.”  

Source: BP, London Press Office, Thursday, 8 September 2011