Shell Petroleum B.V. has signed an agreement to sell its entire interest in the Shell Nigeria Gas Group to Vaaris Energy Limited, a Nigerian company.
The agreement will see Shell exit its domestic gas distribution business in Nigeria, with Vaaris Energy set to take over the oil giant’s full interest in the group.
Shell disclosed the transaction in a statement on Tuesday, confirming the agreement with the Nigerian energy company.
The deal marks another development in Shell’s portfolio of investments in Nigeria as the company reshapes its business interests in the country.
However, details of the transaction, including its financial value and the expected completion date, were not provided in the statement.
