We did not approve sale of Shell assets — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has not approved Shell International Plc’s bid to sell its onshore assets to Renaissance.

Tribune Online reports that the transaction for the assets is valued at $1.3 billion.

A statement signed by NUPRC Head, Public Affairs and Corporate Communication, Mrs Olaide Shonola titled: “Re-Boon for Nigeria as Shell’s $1.3bn assets sale gets regulatory nod” read, “The attention of the has been drawn to a publication in the Businessday of September 11, 2024, purporting that the Commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

It must be firmly stated that the information contained in the publication did not emanate from the Commission.

As part of the Commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.

The Commission further called on industry stakeholders and the general public to disregard the publication describing it as baseless.

Credit: Nigerian Tribune