Shell in talks to sell Malaysian fuel stations to Saudi Aramco, sources say [Globe and Mail, The (Toronto, Canada)]
TotalEnergies SE (TTE)
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Source: Globe and Mail, The
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 part of CEO Wael Sawan's efforts to focus the company's operations on the most profitable businesses. Shell has said it would look to divest 500 gas stations this year and next. It is in the process of selling its Singapore refinery and petrochemical complex. Shell's effort to sell its Malaysia fuel stations is consistent with its move to sell its refinery on Bukom Island in Singapore, which supplies the network, one of the sources said. Saudi Aramco does not have fuel stations in Malaysia, although it owns 50 per cent of the 3
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