Shell has announced plans to sell its entire interest in Shell Nigeria Gas Group to Vaaris Energy Limited, a Nigerian company, as it refocuses its operations in the country on deepwater and integrated gas businesses.
Shell Petroleum B.V. disclosed the transaction in a statement on Tuesday, explaining that the agreement covers its domestic gas distribution business in Nigeria.
The company said Shell Nigeria Gas had supplied industrial and commercial customers for more than 25 years, with its operations sustained by the dedication and expertise of its employees.
Shell expressed confidence that the change in ownership would create a stronger foundation for the business to pursue its next phase of development.
The company stated that the agreement would provide the gas distribution business with a better platform for growth under its new owner.
Despite the planned divestment, Shell said Nigeria remained important to its broader business strategy, particularly its deepwater operations and integrated gas portfolio.
The sale represents a shift in Shell’s involvement in Nigeria’s domestic gas distribution market after more than two decades of serving industrial and commercial customers.
However, the company did not disclose the value of the transaction or provide a timeline for its completion in the statement.
Further details regarding the transition and the future operations of Shell Nigeria Gas were not immediately available.
