BP completes sale of five southern African businesses

9/8/2011

BP completes sale of five southern African businesses

BP has 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 $296 million in cash, before working capital and net debt adjustments, for its interests in BP Namibia (Proprietary) Ltd (100% share), BP Botswana (Proprietary) Ltd (100%), BP Zambia Plc. (75%), BP Malawi Ltd (50%), and BP Tanzania Ltd (50%). 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.”

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