openPR Logo
Press release

Milton Financials: BP sells Southern African fuel retail outlets to Trafigura.

11-16-2010 09:38 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Milton Financials

Another step in BP’s asset selling campaign to pay for Gulf of Mexico spill.

BP Plc has announced that it has agreed to sell its Southern African forecourt operations to international commodities trader Trafigura for $296 million, joining a growing number of major oil firms exiting fuel retail.

The London based company told Milton Financials sources that it has agreed to sell its interests in forecourts and supply operations in Namibia, Zambia, Tanzania and Botswana to Puma Energy, a wholly owned subsidiary of the Netherlands-based Trafigura.

The deal is the latest step in BP’s drive to raise between $25 billion and $30 billion by the end of 2011 to pay for its Gulf of Mexico oil spill, the worst oil spill in U.S history.

"We provide to Trafigura access to a market that is not easy to target for a trading company...it's a way for us to get down the value chain,” Pierre Eladari, chairman of Puma Energy told Milton Financials sources, adding that the firm intends looking at additional African growth opportunities in the future as major oil firms divest.

"There are additional opportunities on the continent which we will see as a way of expanding our position in these markets. There are also opportunities in the world: in South America and also in Asia," the Puma head said.

Earlier in the year, Royal Dutch Shell sold 1,300 of its African retail sites to Vitol, the globe’s largest independent energy trader Milton Financials research indicates.

Milton Financials is a dedicated, independent broker providing the market insight and investment advice that corporate, institutional and private clients trust.

1006 - 1011
Alexandra House
18 Chater Road
Central
Hong Kong

Tel: +852 81 70 04 57

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Milton Financials: BP sells Southern African fuel retail outlets to Trafigura. here

News-ID: 151888 • Views: 734

More Releases from Milton Financials

Milton Financials: Tidal energy could meet 10% of the U.S.’s total energy dema …
Using the earth’s ocean tides could provide about 10% of America’s electricity needs, through affordable, renewable energy according to industry specialist. While advocates of renewable energy agree that widespread use of tidal energy may still be some years away they emphasize that tides and other hydrokinetic systems including ocean waves and free flowing rivers could, in the not too distant future, be providing even more electricity than what hydro-electric projects currently
Milton Financials: Vladimir Putin says Russia and China close to reaching natura …
Negotiations are expected to conclude in mid-2011 after five years. Russia and China have are close to reaching an agreement on a natural gas supply deal, Milton Financials sources report Russian Prime Minister Vladimir Putin as having said recently. Speaking after talks with his Chinese counterpart, Putin told reporters that while a final pricing agreement is not expected until next year negotiations between Russia’s Gazprom and China National Petroleum Corporation on the
Milton Financials: Thailand’s oil major PTTEP buys a $2.2 bln Statoil sands ve …
Foreign oil and gas fields become the focus for Thailand’s largest energy explorer. Milton Financials has learned that PTT Exploration & Production Plc is set to acquire a 40% stake in Statoil ASA’s oil sands project in Canada for $2.28 billion making it the biggest acquisition by a Thai company. Statoil is to retain 60% of the Kai Kos Dehseh project, the two firms announced in recent statements, adding that the deal
Milton Financials: Energy XXI acquires 9 Exxon Mobil oil and gas fields in Gulf …
This latest $1.01 billion deal will see oil and gas exploration company Energy XXI’s reserves boosted and increase its production by over 70 percent. Milton Financials has been informed that the oil and gas exploration company Energy XXI has agreed to acquire nine of Exxon Mobil’s shallow water oil and gas fields in the Gulf of Mexico. The fields are situated on the Gulf’s continental shelf, an area considerably cheaper and

All 5 Releases


More Releases for African

African haircare industry surges ahead
The African hair care industry has been among the fastest growing across the content over the past few years. The market is expected to grow in value to USD761 million by the end of 2017. Various factors are responsible for this steady growth, such as the global trend towards chemical-free hair products as well as growing acceptance of the natural texture and colour of African hair. However, the pricing model is a
MathsGenius launches African Course Exchange
Johannesburg – April 9, 2017– MathsGenius Leadership Institute (MGLI) is pleased to announce that it has launched Diretsa, https://www.diretsa.com a crowd-sourced course marketplace for 21st century skills in order to meaningfully contribute to the skills development goals as set out by United Nations and the African Union. The platform intends to lower the barrier of entry into knowledge creation sharing and acquisition thus has been structured in such a way
AFRICAN ANIMAL HEALTH MARKET 2016
ReportsWorldwide has announced the addition of a new report title AFRICAN ANIMAL HEALTH MARKET 2016 to its growing collection of premium market research reports. This report examines the current and potential animal health market in Africa. Sub-Saharan Africa comprises some of the poorest countries of the world with a population that is destined to increase exponentially in the coming decades with the concurrent increasing demand for food. In line with the
AFRICAN ANIMAL HEALTH MARKET 2016
ReportsWorldwide has announced the addition of a new report title AFRICAN ANIMAL HEALTH MARKET 2016 to its growing collection of premium market research reports. This report examines the current and potential animal health market in Africa. Sub-Saharan Africa comprises some of the poorest countries of the world with a population that is destined to increase exponentially in the coming decades with the concurrent increasing demand for food. In line with the
4th African Pharma Congress
In the light of this theme, the conference series aims to provide a forum for international researchers from various areas of pharmaceutical sciences like chemical processing, industrial practice, analytical methods and pharmacological actions by providing a platform for critical analysis of new agenda, and to share latest cutting-edge research findings and results about all aspects of Pharmacy We are honoured to invite pharmacists, researchers, professors, scientific communities, delegates, students, business
The Benefits of African Mango
Obesity is a medical condition which seems to have gripped us all owing to our faulty food habits and lifestyle. The biggest reason for this condition is the fact that most of us do not do anything to increase the rate of metabolism whereas the amount of food keeps going up. Due to our sedentary lifestyle, we forget the fact that increasing metabolism is a way to keep our body