British oil giant BP said on Monday it has agreed to sell its refining and marketing operations in southern Africa to Switzerland-based Puma Energy for 296 million U.S. dollars.
Puma Energy has agreed to pay BP 296 million dollars in cash, subject to certain post-completion price adjustments, for all of BP's interests in Namibia, Botswana, Zambia, Malawi and Tanzania, BP said in a statement.
The sale, expected to be completed next year, is part of a wider campaign by BP to sell assets to pay off costs related to the massive oil spill in the Gulf of Mexico earlier this year.
The five businesses in which BP is selling its interests supply commercial fuels, aviation fuel, lubricants, and a total of almost 190 service stations across the five countries, according to the BP statement.
