Nigeria’s oil minister has approved Shell’s $2.4 billion asset sale to Renaissance Group, the company confirmed in a statement on Wednesday.
The sale, which includes five companies, was initially announced in January but was blocked in October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Renaissance welcomed the approval, calling it a key development since the announcement of the sale and purchase agreements earlier this year.
The NUPRC did not immediately respond to requests for comment.