Sanday Chongo Kabange, AfricaNews reporter in Lusaka, Zambia
British Petroleum PLC has agreed to sell its fuel marketing businesses in southern African countries of Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent interests in BP Malawi and BP Tanzania. The assets would cost $296 million, the London-based company said in a statement.
Puma Energy is a subsidiary of Amsterdam-based commodities trader Trafigura Beheer B.V. BP said the sales do not include refining and marketing operations in Mozambique or South Africa.
The oil company is seeking to conserve capital and avoid risk after the spill at its Macondo well in the Gulf of Mexico left it facing a bill projected to reach $40 billion.
The southern African businesses supply commercial fuels, aviation fuel and lubricants and include about 190 service stations across the five countries, BP said.
"We targeted the BP portfolio for the outstanding quality of its staff and assets, its key account customer base and for the strategic fit," Puma Energy Chairman Pierre Eladari said in the statement.
Sonangol, Angola's state-owned petroleum company, will take a 10 percent stake in the acquired businesses, BP said. The sales will be completed in 2010 in Botswana and through 2011 in the other countries, BP said.
