Al-Amoudi negotiates Shell acquisitions

By Tamiru Geda and Groum Abate

Shell Ethiopia has decided to offer 49 of its gas stations and the previous Agip depot located around Gotera to interested buyers.
Our sources disclosed that National Petroleum, a company that is established as a joint venture between the Saudi business tycoon Sheik Al-Amoudi and Taddese Tilahun former country director of Shell Ethiopia, are negotiating with Shell for the acquisition of the 49 stations. Shell is said to be ready to sell all of the Agip stations, which it acquired in an earlier transaction from Agip in 2002, and some of its own. The outcome of the negotiation is yet to be disclosed.
Officials of the Ministry of Trade and Industry were not available to comment.
Shell Ethiopia only recently purchased 154 stations from Agip gas raising the total number of its stations to 217 around the country.
It was also financially restructured after the buyout of Agip Ethiopia in June 2003, with 30.4 million Birr.
Shell Ethiopia is owned by five shareholders from France and Britain, while Shell Petroleum, from Britain controls more than 95% of the company.