By: Natasha Archary

Oil giant Shell Plc has reportedly confirmed plans to exit South Africa following disputes with its local BEE partner, Thebe Investment Corporation.
Weekend reports by the Sunday Times and City Press indicated that the Dutch oil company intended to exit the country over the stake that Thebe holds in Shell’s downstream operations.
Since the weekend, Daily Maverick reported on Monday, 06 May that Shell has confirmed weekend reports and will move ahead to divest from South Africa.
According to Daily Maverick this entails the sale of over 500 service stations across the country.
Shell has been in operation in South Africa for 120-years, but after a results review the decision to pull out of South Africa was made.
Thebe reportedly holds a 28% equity stake in Shell after merging with the oil giant 10-years ago.
Gugulethu Mfuphi shares that the disputes between Shell and Thebe originated in 2022 when Thebe wrote to Shell revealing its desire to include an opt-out clause and cash-out on a reinvestment of funds in the growing company.
This is estimated to be around R3.7 billion.
Listen to the conversation on Siz the World with Gugulethu Mfuphi
Also read: Former President Kgalema Motlanthe says the ANC has to raise the bar



