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OiLibya buys
Shell's Ethiopia, Djibouti operations
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 ADDIS
ABABA(July 17,2008) - Libyan petroleum dealer OiLibya this
month bought the retail business of Royal Dutch/Shell RD.AS SHEL.L
in Ethiopia and Djibouti for an undisclosed price, Reuters reported
citing a Shell official as saying on Tuesday.
"OiLibya has formally entered the Ethiopian market, after signing
an agreement on July 10, 2008, to acquire 100 percent of Shell's Ethiopia
and Djibouti petroleum retail business," Shell Ethiopia official
Bahru Temesgen told Reuters.
The reprt said he declined to reveal the amount of money OiLibya,
owned by Libyan holding company Libyan African Portfolio (LAP) Greenco,
paid.
OiLibya has bought other retail petroleum dealers in Africa, including
taking over ExxonMobil's (XOM.N: Quote, Profile, Research)'s business
in Kenya.
Bahru said the sale was consistent with Shell's global strategy to
focus on oil exploration and get out of retail business.
Shell's operation in Ethiopia started in 1929 and had built 200 retail
service stations across Ethiopia and was covering about 30 percent
of Ethiopia's petroleum needs,
Bahru said.
Bahru said the agreement between Shell Ethiopian and Djibouti and
OiLibya also included retaining all Shell employees.
Two local petroleum distributing companies, the National Oil Company
and Yetebaberut Beherawi Petroleum (YBP) plus Kenya's Kobil and Nile
Petroleum are in the Ethiopian market, apart from France-based TOTAL
Sh.Co. |
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