{"text":[[{"start":9.55,"text":"The UAE’s state energy company has agreed to buy Shell’s fuel supply business in South Africa, giving Abu Dhabi a significant foothold in the continent’s largest economy and marking the latest step in its international expansion drive."}],[{"start":23.65,"text":"Adnoc Distribution, a publicly listed subsidiary of Abu Dhabi National Oil Company, said the $1bn deal to acquire 580 service stations and other operations, is expected to close next year. The agreement caps a near two-year process during which the UK oil and gas major worked on divesting the business."}],[{"start":45.349999999999994,"text":"For Shell, the sale ends a more than century-long presence in South Africa’s fuel supply as the British energy group attempts to streamline its portfolio and focus on higher-return businesses. Shell said in 2024 it would divest its majority stake in Shell Downstream South Africa after a review of its operations across regions."}],[{"start":65.64999999999999,"text":"The acquisition is also the latest example of how state-backed Middle Eastern energy companies are using their financial strength to build global businesses outside their domestic market across oil, gas, chemicals and retail. Gulf energy companies, many flush with cash, have become more active buyers of overseas assets as western majors sell mature or lower-growth businesses."}],[{"start":88.6,"text":"“South Africa’s investments in critical transport infrastructure, alongside a growing driving-age population, reinforce the growth potential of fuel consumption,” Adnoc Distribution said."}],[{"start":99.39999999999999,"text":"Adnoc Distribution’s chief executive, Bader Saeed Al Lamki, said the deal reflected the group’s confidence in South Africa’s “high-potential, well-regulated” fuel retail market."}],[{"start":110.24999999999999,"text":"The transaction covers a network of 580 company and dealer-owned sites, as well as lubricants, commercial fuels, aviation, and marine businesses, Adnoc Distribution said."}],[{"start":122.04999999999998,"text":"The brand had fuel volumes of approximately 3.5bn litres and operated 360 convenience stores as of 2025."}],[{"start":130.7,"text":"Adnoc Distribution, which is listed on the emirate’s stock exchange, said acquiring the assets would bolster its earnings per share by 6 per cent in the first full year after completion."}],[{"start":141.25,"text":"South Africa is the fourth country where Adnoc Distribution has established a presence, following the acquisition of a 50 per cent stake in TotalEnergies Marketing Egypt in 2023 and the 2018 launch of its retail fuel stations in Saudi Arabia."}],[{"start":158.15,"text":"Adnoc Distribution would sell a 28 per cent stake of the entity to a local empowerment partner and employee stock option plan after completing the transaction, according to a statement. It plans to retain the Shell brand for retail service stations and lubricants businesses."}],[{"start":184.05,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1783422900_5727.mp3"}