Exclusive: Shell in talks to sell Malaysia fuel stations to Saudi Aramco, sources say [Reuters]
TotalEnergies SE (TTE)
Company Research
Source: Reuters
Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to $1 billion. Shell declined to comment on the talks but said Malaysia is an important country to the company. Saudi Aramco also declined to comment. London-based Shell wholly owns around 950 fuel stations across the Southeast Asian country, according to its website, with only Malaysia's state-owned Petronas operating a bigger network. Talks began in late 2023 and a deal may be finalised in the coming months, one source said. Two sources briefed on the matter put a potential deal size at roughly 4 billion to 5 billion ringgit ($844 million to $1.06 billion). In addition to its fuel stations, Shell sells industrial lubricants, produces crude oil and natural gas offshore of Sarawak and Sabah states, and is a joint venture partner in two liquefied natural gas (LNG) ventures. The sale is part of CEO Wael Sawan's efforts to focus the company
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