Shell’s decision to exit the South African market after 122 years had nothing to do with global trends toward renewables – money was the bottom line, said Peter Morgan, CEO of Liquid Fuels Wholesalers Association of South Africa.“As an investor, if your return is compromised and the certainty is low, then you move your investments.
Thebe sold its 28% stake in Shell Downstream South Africa in 2022, accusing it of undervaluing Thebe’s stake. According to Daily Maverick, Shell will sell its downstream assets, including more than 500 service stations or forecourts. Dawie Roodt, the chief economist at the Efficient Group, said Shell was not only restructuring in SA, but worldwide.
“Some of the other energy companies could also decide to leave, which means chances are slim that somebody else will start a new mine or factory in South Africa.”“With a 41% unemployment rate, we cannot afford to see a single worker lose their job in South Africa,” Cosatu spokesperson Matthew Parks said.