Shell is in discussions to sell its approximately 950 fuel stations across Malaysia.
As per Reuters, sources familiar with the matter have indicated that talks began in late 2023 and a deal may be finalized in the coming months.
Additionally, sources have revealed that a deal worth between $844 million to $1.06 billion is being considered.
Upon the success of the deal, Malaysia's state-owned Petronas would become the operator of the largest fuel station network in the country.
Apart from fuel stations, Shell's operations in Malaysia include the sale of industrial lubricants, offshore crude oil and natural gas production, and involvement in two liquefied natural gas (LNG) projects.
While, Shell is selling its Malaysia fuel stations as part of CEO Wael Sawan's plan to focus on more profitable businesses.
They aim to divest 500 gas stations this year and next, along with selling their Singapore refinery and petrochemical complex.
However, this move aligns with Shell's strategy to sell its refinery on Bukom Island in Singapore
While Saudi Aramco, which co-owns the Pengerang refinery in Malaysia with Petronas, does not operate fuel stations in the country.
Additionally, Aramco operates petrol stations in Saudi Arabia and engages in fuel station ventures with major international players such as TotalEnergies and S-Oil Corp.
