SAFTU expresses shock over reported Shell departure from SA

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Labour federation SAFTU says Shell’s reported plan to leave South Africa has come as a shock as the country is the international oil giant’s lucrative market.

The decision is said to be linked to a disagreement with its Black Economic Empowerment (BEE) partner, Thebe Investment Corporation, regarding the valuation of Thebe’s stake in Shell Downstream South Africa (SDSA).

SAFTU’s spokesperson, Trevor Shaku says the news has come as a shock.

“Quite often you’ll find a tendency of these bigger companies often leading to the devaluation of the assets of smaller companies trying to cheat them. So it is a battle which belongs to the cattle functions themselves. But we think that the state has to step in to ensure that one – if Shell does leave, we are able to expand the ownership of liquefied energies in the country and are able to expand the public ownership of the daily fuel, especially those which are consumed by the citizens.”

SAFTU’s Trevor Shaku on SAfm: