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Shell Plc has confirmed recent news that it’s planning to get out of South Africa. While I would like to think all the boycotting and protesting of the Shell garages over the company's shoddy environmental practices and attitudes has finally made a dent, that doesn't seem to be the case. Rather, Shell plans to divest from the Rainbow Nation after a fallout with BEE partner Thebe Investment Corporation, among other reasons.
The 180,000 barrel-a-day facility halted operations ahead of a sale in 2022 and was subsequently damaged by floods. Furthermore, in 2022, the government released fresh regulations mandating refiners to adhere to low-sulfur fuel standards by 2023. This move, as conveyed by a lobby group advocating for fuel manufacturers, resulted in a significant portion of the nation's fleet being outdated. At that point, Shell said it was reviewing its shareholding in Sapref.
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