Shell to sell $1bn Africa stake

Anglo-Dutch oil giant Shell has agreed to divest the majority of its stake in most of its downstream businesses in Africa to two firms for $1bn (£615m), the company said. Under the agreements with Vitol and Helios Investment, Shell would retain equity in two new joint venture companies to ensure continued availability of its products, it said. The three firms would work on securing necessary regulatory approvals, ahead of a phased completion of the proposed deal this year and the first half of 2012, Shell said.