Oil giant Shell will soon leave many families struggling as it sets to close its doors, exiting South Africa after over a century in the country.
The news was shared by many publications including Daily Mavericks and BNN Bloomberg.
Over 10 years ago, Shell went into a partnership deal with BEE company Thebe Investment Corporation forming Shell Downstream South Africa (SDSA). The merger was created for economic empowerment purposes, giving the black-owned company according to news agency Reuters 28% of the stake Investment corporation 28% stake in the downstream business.
After a few publications reported on Shell’s divest, the local publication Daily Mavericks contacted the oil company who responded by saying, “Shell has decided to reshape the Downstream portfolio and intends to divest our shareholding in Shell Downstream South Africa (SDSA).”
The publication further shared that the decision was caused by the “downstream and renewables businesses across all regions and markets in line with Shell’s focus on performance, discipline, and simplification.”
The news comes at at time when the country is facing the highest employment rate to date, with many young people resorting to criminal activities to survive.
As we head over to the elections, with the future looking bleak to many South Africa, having a company that the exit of Shell
On social media platforms, internet users had so much to say after hearing of the exit:
They won’t exit, they will accept the BBE rectification. If they exit, their brand won’t survive. They know it.
— Nonkosi (@bafana_msimang) May 5, 2024
They can leave. Shell accepts those terms all over the world but here. When South Africa demands the same terms that they receive everywhere else they threaten to leave. I say that they can go. Another supplier will occupy the void they leave and it will be on our terms
— Thokozani Nyati (@TNyati16181) May 5, 2024
If all the foriegen owned companies were to stand together just one time and state. This BEE BS ends immediately and let’s us run our companies as we see fit or we pull out. Imagine, financial, car makers, shops, solar. What could they do about it.
— The light at the end of the tunnel (@JohnLonsdale18) May 5, 2024
Also see: 11 Destinations for your ‘workation’
