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Shell plc (NYSE:SHEL) is reportedly in talks with Saudi Arabia’s state-owned oil & gas giant, Saudi Aramco, to sell its gas station business in Malaysia.
The deal for the second-largest gas station network in the country could be worth up to $1 billion, reported Reuters.
Notably, Shell wholly owns around 950 fuel stations across the Southeast Asian country, with only Malaysia’s state-owned Petronas operating a bigger network.
As per the report, the divestiture talks began in late 2023 and the deal may be finalised in the coming months.
As per the report, Shell earlier said that it plans to divest 500 gas stations this year and next and this sale is a part of Shell’s CEO Wael Sawan’s efforts to focus on the profitable businesses.
Also Read: Shell Exits Chinese Power Market, Eyes Gas Growth: Report
Also, Shell’s effort to sell its Malaysia fuel stations is at par with its move to sell its refinery on Bukom Island in Singapore, which supplies the network, said Reuters.
Last week, Shell disclosed first-quarter FY24 results, with revenue of $72.48 billion missing the consensus of $82.04 billion.
Shell stock has gained ~19% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (HJEN) and VanEck Natural Resources ETF (HAP).
Price Action: SHEL shares are up 0.80% Y/Y at $72.95 premarket at the last check Monday.
Photo via Wikimedia Commons
Posted In: SHEL
