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Oil & Gas

Shell selling investment in Zimbabwe

July 16, 2008
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Royal Dutch Shell PLC is selling its investment in a petroleum distribution business in Zimbabwe to South Africa-based Engen Petroleum Ltd, the Associated Press reports. Shell, which has a 50 percent stake in the Zimbabwean joint venture with BP PLC, began reviewing its holding last October 2007, before Zimbabwe underwent a disputed and violent presidential election.The sale still requires approval from the Zimbabwe government, but Shell said it expects the deal to be finalized later this year.

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