Tuesday, October 12, 2010

BP (NYSE:BP) Sells Zimbabwe Assets to Shingai Mutasa

One of the wealthiest men in Zimbabwe, Shingai Mutasa, has successfully bid for refined oil marketing assets held by BP & Shell Marketing Services in Zimbabwe, which was managed by BP.

Included in the deal would be service stations and depots. In Zimbabwe, Shell (NYSE:RDS-a) trades under the BP brand, although petroleum products are marketed for both brands.

Mutasa is acquiring the company via FMI Zimbabwe, a wholly owned subsidiary of Masawara plc., his investment company listed in London.

BP Southern Africa CEO Sipho Maseko said, “With their experience and existing businesses in Zimbabwe, we believe that FMI Zimbabwe will be able to build on BPSMS’s good assets and grow the business further in line with their plans.”

Both Masawara and FMI Zimbabwe are based in Zimbabwe, and should have no problems with indigenisation parameters.

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