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Oil giant Shell has confirmed it's pulling out of South Africa. The company had established about 600 forecourts since it first started business in 1902. Shell says it's reviewing the downstream and renewables businesses across all regions and markets. Shell Downstream SA was formed after Shell South Africa and black empowerment company, Thebe Investment Corporation, agreed a decade ago to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe held a 28% equity stake. Independent analyst Khaya Sithole unpacks this.
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