South African Parliament Expresses Concern Over Shell’s Divestment Decision

South African Parliament Expresses Concern Over Shell’s Divestment Decision

The chairperson of the South Africa Parliament’s portfolio committee on Mineral Resources and Energy, Sahlulele Luzipo, has expressed concern at Shell’s decision to divest from South Africa. The British multinational oil and gas company is reshaping its portfolio and will divest its shareholding in Shell Downstream South Africa. Shell operates about 700 service stations in the country. Luzipo says any company leaving the country at a time when investment is […]

May 8, 2024 50

World

DA says the ANC government is to blame for the local and international sentiment being at an all-time low in the country

The DA says the ANC government is to blame for the local and international sentiment being at an all-time low in the country. This comes as oil giant Shell plans to divest from South Africa, which will entail the sale of its downstream assets. The DA’s, Dion George, says investors, already disillusioned by the ANC’s unviable approach to running an economy, are fleeing the country at the prospect of an […]

May 7, 2024 22

Business / Economics

Shell Contemplates Exiting South Africa Amid Strained Partnership

Reports suggest that Shell, one of the largest fuel and energy companies in the country, is considering withdrawing from South Africa due to a deteriorating relationship with its BEE partner. Shell, which has been operational in South Africa for 122 years, has partnered with Thebe Investment Corporation for the past 22 years. However, tensions arose when Thebe decided to exercise its option to sell its 28% stake in Shell Downstream […]

May 6, 2024 80