Nigeria’s oil minister has granted consent to Shell’s sale of $2.4 billion in assets to Renaissance Group, Renaissance said in a statement on Wednesday. Shell’s asset sale to Renaissance, comprising five companies, was announced in January but was blocked in October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Renaissance said “this approval marks a significant step forward from the announcement of the sale and purchase agreements in January”. The NUPRC didn’t immediately respond to a request for comments.
Nigeria’s oil minister approves Shell’s $2.4 billion asset sale to Renaissance
