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Bond Market News
ADNOC to Acquire Shell’s South African Fuel Network for $1bn
July 8, 2026
– Amruth S
Adnoc Distribution, (the retail subsidiary of the Abu Dhabi National Oil Co.), has agreed to purchase Shell Plc’s South African retail fuel network at an enterprise value of $1bn. The transaction marks the state-backed oil firm’s first major expansion into Africa’s largest economy. The acquisition will grant Adnoc control over 580 retail service stations, alongside wholesale fuel, aviation, and lubricants operations. The transaction is expected to close next year, post which Adnoc plans to sell a 28% stake to a local empowerment partner along with an employee stock option program. The stations will retain the Shell name under a long-term branding license, and the deal is projected to immediately boost Adnoc Distribution’s EPS by 6% post-completion. For Shell, the move helps in shedding non-core assets to focus on its long-term oil and gas production hubs. Meanwhile, the transaction solidifies Abu Dhabi’s status as a leading global energy dealmaker.
ADNOC’s dollar bonds were trading slightly weaker, with its 4.25% 2029s at 98.4, yielding 4.8%. Shell’s 6.375% 2038s were also trading weaker at 108, yielding 5.5%.
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