BP to Exit Five African Nations

1 March 2010 (Last Updated March 1st, 2010 18:30)

Oil major BP said today it would pull out of five countries in southern Africa following a strategy review. The company said it still plans to invest and grow its market share in Mozambique and South Africa, but plans to sell its marketing businesses in Namibia, Malawi, Tanzania, Zambia

Oil major BP said today it would pull out of five countries in southern Africa following a strategy review.

The company said it still plans to invest and grow its market share in Mozambique and South Africa, but plans to sell its marketing businesses in Namibia, Malawi, Tanzania, Zambia and Botswana.

"I would like to stress that BP is and will stay committed to Africa," said BP Africa's chief executive Sipho Maseko, according to Reuters.

BP said it had informed the governments of the five countries it is exiting, but did not specify when the assets would be sold.