The company has also agreed to sell its 50% interest in each of BP Malawi and BP Tanzania to Puma Energy, subject to the pre-emption rights of its co-shareholders.
The decision to divest these businesses followed a strategic review of BP’s southern African refining and marketing businesses, and the sales do not include BP’s refining and marketing businesses in Mozambique or South Africa.
Puma Energy, which is already involved in a number of strategic partnerships in the sub-Saharan downstream sector, has confirmed that Angola’s state-owned petroleum company Sonangol intends to take a 10% stake in the acquired businesses.
Puma Energy will pay BP a total of $296m in cash, subject to certain post-completion price adjustments, for all of BP’s interests in BP Namibia (100% share), BP Botswana (100%), BP Zambia (75%), BP Malawi (50%), and BP Tanzania (50%).
The sale in each country is subject to different regulatory approvals as required and it is expected that sale of BP Botswana will complete in 2010 with completion in the other countries to take place in 2011.
