Shell Petroleum B.V. says it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group to Vaaris Energy Limited, a Nigerian firm.
According to a statement issued on Tuesday, the agreement will see Shell sell its Nigeria domestic gas distribution business to the company.
The deal, Metrobusinessnews.com.com gathered is subject to regulatory approvals and other conditions, and covers Shell Nigeria Gas Holding B.V., established in 2019 and the holder of all but one of the shares in SNG Limited.
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Speaking on the transaction, Elohor Aiboni, Shell’s country chair in Nigeria, said Shell Nigeria Gas has served industrial and commercial customers in Nigeria “for more than 25 years, supported by the commitment and expertise of its people”.
“We believe this agreement provides a much stronger platform for the business’ next chapter under new ownership. Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria,” she said. Nigeriainvestment guide
