Shell in talks to sell Malaysia fuel stations to Saudi Aramco, Reuters sources say [CNBC]
TotalEnergies SE (TTE)
Company Research
Source: CNBC
network in the country, four industry sources aware of the discussions said, and a deal could be worth up to $1 billion. Shell said Malaysia is important to the company. “We remain committed to the mobility business in the country,” it said in an updated statement on Tuesday, without elaborating. Saudi Aramco declined to comment on Monday. 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 finalized 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
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