Financial Wire

Market Chatter: Shell Said to Pick Adnoc as Preferred Bidder for South African Retail Fuel Stations

-- Shell (SHEL.L, SHELL.AS) is tipped to have named Abu Dhabi National Oil Co., or Adnoc, as the preferred bidder for its South African retail fuel stations in a deal potentially worth $1 billion, Bloomberg News wrote.

People with knowledge of the matter said, according to the Tuesday report, that the deal, which is expected to be reached as early as this quarter, follows failed talks between energy giant Shell and commodities trading group Gunvor Group.

Shell and Adnoc did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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