Renaissance Africa Energy Company Limited said the approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January.
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“Renaissance Africa Energy Company Limited is pleased to announce that the Minister of Petroleum Resources has granted his consent to the sale of the Shell Petroleum Development Company to Renaissance. This approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January 2024,” the statement said.with a consortium of five companies, setting the scene for the latter to acquire its onshore business in the country.
The deal is a relief for Shell, which has sought to offload the assets since 2021 because running them has been complicated by sabotage, theft and spills, some of which have sparked litigations and environmental liabilities.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
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