en.Wedoany.com Reported - British energy company Shell plans to sell its network of gas stations in South Africa to a subsidiary of the Abu Dhabi National Oil Company, with the transaction expected to be valued at $1 billion.

Abu Dhabi National Oil Company Distribution (Adnoc Distribution) will acquire more than 600 gas stations, representing approximately 10% of South Africa's fuel retail market. According to Bloomberg, citing anonymous sources, the two parties may officially announce the deal in the coming days.

Negotiations are in their final stages, but a definitive agreement has yet to be signed. The sale process began in 2024, and discussions have continued despite conflicts in the Iran region affecting some of Adnoc's operations.

Adnoc Distribution posted solid first-quarter results for 2026, with net profit rising 21% year-on-year to AED 771 million (approximately $210 million). Operating revenue increased 14% year-on-year to AED 8.8 billion. As of the end of March, the company operated a total of 1,032 gas stations and plans to open 60 to 70 new sites this year.

The Adnoc Group holds a 77% stake in the fuel distribution company, which was listed on the Abu Dhabi Securities Exchange in December 2017. On Tuesday, Adnoc Distribution shares closed at AED 3.92, down 0.5%, with a year-to-date gain of 0.5%.

Additionally, XRG, Adnoc's division focused on low-carbon energy and chemical investments, signed an agreement with Argentina's YPF on Monday to acquire a 32% stake in three upstream natural gas blocks.