Despite initial rejection, FG approves Renaissance’s $1.3bn Shell divestment deal

Renaissance Africa Energy Company Limited has received approval from the Nigerian Ministry of Petroleum Resources for the acquisition of Shell Petroleum Development Company (SPDC).

This significant step brings Renaissance closer to finalising the $1.3 billion deal, which was initially announced in January 2024.

In January, Shell had announced that it agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3 billion subject to regulatory approvals.

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