Adnoc closes in on deal for Shell’s South African petrol stations

British energy company Shell is reportedly close to selling its fuel stations in South Africa to a unit of the Abu Dhabi National Oil Company.

Adnoc Distribution and Shell are likely to announce the $1 billion deal in the coming days, according to a Bloomberg report that quotes unidentified sources.

The Adnoc unit, which is listed in Abu Dhabi, will gain more than 600 outlets – 10 percent of market share in the country.

Talks are at an advanced stage, but no final agreement has been reached. The sale process started in 2024 and continued despite the Iran conflict affecting Adnoc’s business, Bloomberg reported.

Adnoc Distribution’s net profit for the first quarter of 2026 rose 21 percent year on year to AED771 million ($210 million). Revenue increased 14 percent annually to AED8.8 billion.

The company’s service station network totalled 1,032 by the end of March. It remains on track to open 60 to 70 new sites this year.

The Adnoc group owns 77 percent of the fuel distribution company, which was listed on the Abu Dhabi Securities Exchange in December 2017.

Adnoc Distribution shares were trading 0.5 percent lower at AED3.92 on Tuesday. The price is up 0.5 percent so far this year.

On Monday XRG, the low-carbon energy and chemicals investment arm of Adnoc, signed a deal with Argentine state oil company YPF to take a 32 percent stake in three upstream gas blocks.

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