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.
In a statement on Tuesday, Shell said the deal would
transfer its domestic gas distribution business in Nigeria to Vaaris Energy.
The deal, which is subject to regulatory conditions and
approvals, covers Shell Nigeria Gas Holding B.V., established in 2019, which
holds all but one of the shares in SNG Limited.
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.
According to the statement, SNG Group would remain part of
the company and continue to serve its customers and operate as usual until the
transaction is completed.
Shell said the sale aligns with its strategy to simplify its
portfolio and concentrate investment in areas where it has competitive
strengths.
The company said its continued focus on deepwater and
integrated gas operations in Nigeria, including its interest in Nigeria LNG,
reflects the strategy.
According to the statement, SNG does not engage in upstream
gas production, liquefied natural gas (LNG), or international gas trading.
Established in 1998, SNG supplies natural gas to industrial
and commercial customers and operates about 170 kilometres of pipeline
infrastructure across Ogun, Abia, and Rivers states.
Vaaris Energy is a Nigerian energy company with interests
across the oil and gas value chain and an existing operational presence in the
country.
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