Nigeria’s oil minister authorizes Shell to sell Renaissance $2.4 billion worth of assets

The sale of $2.4 billion worth of assets to Renaissance Group has been approved by Nigeria’s oil minister, according to a statement released by Renaissance on Wednesday.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) banned Shell’s January announcement of the sale of five companies to Renaissance.

According to Renaissance, “this approval marks a significant step forward from the announcement of the sale and purchase agreements in January” .

A request for comments was not immediately answered by the NUPRC.