BP Sells South African Marketing Operations

Nov. 15, 2010

Puma Energy will pay $296 million BP's interests in Botswana, Malawi, Namibia, Tanzania and Zambia.

British energy company BP on Nov. 15 that said it had agreed to sell group refining and marketing operations in southern Africa to Switzerland-based Puma Energy.

"Puma Energy has agreed to pay BP a total of $296 million in cash, subject to certain post-completion price adjustments, for all of BP's interests in" Botswana, Malawi, Namibia, Tanzania and Zambia, according to a statement.

"The decision to divest these businesses, which was first announced by BP in March 2010, followed a strategic review of BP's southern African refining and marketing businesses.

"The sales do not include BP's refining and marketing businesses in Mozambique or South Africa," the statement added.

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