Shell to Sell Nigerian Onshore Subsidiary SPDC for $2.4 Billion to Renaissance Consortium
Shell Plc has agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies, for $2.4 billion. However, the Shell said the completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions. In a statement on