BP to sell African businesses to Puma Energy

BP plc said it agreed to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50% interests in BP Malawi and BP Tanzania. Headquartered in Switzerland, Puma Energy will pay BP a total of US$296 million in cash for the BP’s interests in Namibia, Botswana, Zambia, Malawi and Tanzania. The decision to divest these businesses, which was first announced by BP in March 2010, followed a strategic review of BP’s southern African refining and marketing businesses. The sales do not include BP’s refining and marketing businesses in Mozambique or South Africa. Puma Energy, which is already involved in a number of strategic partnerships in the sub-Saharan downstream sector, has confirmed that Angola’s state-owned petroleum company, Sonangol, intends to take a 10% stake. Except for Botswana, the sale will be completed in 2011. The sale of BP Botswana will be completed in 2010. (November 15, 2010)