Shell Plc sells Nigeria gas business to Vaaris Energy
Shell Plc has signed an agreement to sell its entire interest in Shell Nigeria Gas (SNG) Group to Vaaris Energy, a Nigerian energy company. The transaction, announced on Tuesday, is subject to regulatory conditions and approvals, with financial terms undisclosed.
The sale includes Shell Nigeria Gas Holding B.V., which holds nearly all shares in SNG Limited, established in 2019. This move aligns with Shell Chief Executive Officer Wael Sawan’s strategy to simplify the company’s portfolio and focus on investments that promise stronger returns.
Elohor Aiboni, Shell’s Country Chair in Nigeria, noted that SNG has served industrial and commercial customers for over 25 years. SNG operates approximately 170 kilometers of pipeline infrastructure across Ogun, Abia, and Rivers states.
The company will continue its operations until the transaction is finalized. The sale occurs as Shell manages its global energy portfolio, having recently raised its third-quarter integrated gas production forecast significantly.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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