Here’s some big news. Shell is reportedly in talks with Saudi Arabia’s state-owned Saudi Aramco to sell its petrol station business in Malaysia, Reuters reports. The news agency cited four industry personnel familiar with the matter as its sources.
According to one of the sources, talks are said to have begun in late 2023, and a deal may be finalised in the coming months. Two other sources who were briefed on the matter placed the deal down at roughly four to five billion ringgit.
With around 950 stations across Malaysia, Shell has the second-largest fuel retail network in the country after Petronas, which operates a larger network. The report indicated that Shell declined to comment on the talks, but said Malaysia is an important country to the company. Meanwhile, Saudi Aramco also declined to comment on the matter.
In addition to its fuel station network, Shell also sells industrial lubricants, produces crude oil and natural gas offshore of Sarawak and Sabah, and is a joint venture partner in two liquefied natural gas (LNG) projects.
The report says that the sale is part of Shell CEO Wael Sawan’s efforts to focus the company’s operations on the most profitable businesses, of which it would now seem that fuel retail is not one of them.
It is not known if the Shell Recharge DC and AC electric vehicle charging network and ParkEasy – of which Shell Malaysia initially bought a 50% stake in and later acquired fully – are part of the potential acquisition deal, but there should be some movement on this front, given that it would be rather strange to retain Shell branding at Aramco stations for this purpose.
According to the news report, the company had indicated that it would look to divest 500 stations this year and next, and is in the process of selling its Singapore refinery and petrochemical complex. One of the sources told Reuters that the company’s effort to sell its Malaysia fuel station network is consistent with its move to sell its refinery on Bukom Island in Singapore, which supplies the network.
As for Saudi Aramco, it of course does not have a retail presence in Malaysia, but owns 50% of the 300,000-barrel per day Pengerang refinery in Johor in a JV with Petronas. While Aramco operates petrol stations in Saudi Arabia, it only began doing so in 2019. It also operates fuel stations elsewhere in JVs with French player TotalEnergies and South Korea’s S-Oil Corp.
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Shell is also selling off its huge refinery in bukom in singapore. They are leaving the oil business due to pressure to reduce carbon emission. And focus on lng. They are still active in lng concessions in sabah and sarawak.
Well, not totally true. They are just doing it to increase their profitability.
https://finance.yahoo.com/news/shell-shel-completes-sale-u-125700050.html
Refinery makes filthy losd of cashflow..wonder women W?
Mobil，esso, next shell….All the great brands gone. Things are going downhill
not to forget BP in late 90s. hope caltex stays despite of the boycotting going on
Caltex? never seen their petrol station upgraded newer & latest tech,
hardly any renovation / innovation
Petronas leading the way,
Mercedes-AMG Petronas F1 Team
8-9 years in a row.
Ez via Setel apps
Agreed we will always pump only at Petron
Agreed, but people love overseas brand even Local brand are more advanced using apps & such.
Shell 2024 still doesn’t have pay wave lol
Let all those old minded people be,
I dare BET Aramco takeover will upgrade Shell much much better.
If u seen Aramco Petrol Station, it’s a state of the art
So Kumran has finally owned Shell & BP? LOL
The new stations will be known as al-madani
Darsa Petrol Station. DPS!
After this no more shell collectibles.. Haizzzz
Get ready for sosialisma and whateverism
Shell hv been around for a long time. The corp hq says chg strategy focused on higher yield investments. Probably they see ice vehicle volume will decline so got ahead to divest and make profits while it’s still feasible
Hmm… I wonder all the points how ah. Looks like later will need to install new app and delete the Shell app.
Hari ni menang, esok minyak turun…
Rupa-rupanya Shell cabut lari!! Tak tahu nak ketawa atau menangis…
Yea becos they knws.. This is the best time to sell before ev control half of the market soon… Time to invest for future kind of business. Smart move dear shell.
Shell tu syarikat Yahudi. They leaving because they cannot get their hands of affordable oil to refine due to their mat salleh sanction on Russia, Iran dll. Good they are leaving.
Best after this it will becomes very clean and can be used by everyone and maybe for showering too.
kenapa tak jual pada BHP saja atau Petronas
Bcause petronas not Jews-owned company…shell pun teruk kena boikot.., that why they dont want to be like kfc & mcdonalds…
“Habibi” petrol stations soon….
Aramco has a few controversies for being unethical. I ain’t gonna pump Aramco fuel.
Never support foreign based oil company. Never pumped Shell. Will stick to Petronas only.
Selepas ini, Minyak halal
Arabs have idols in their country too. Don’t be shallow-minded and be careful not to incite 3R.
PH supporters: Selepas ini, minyak mahal halal. Tlg jangan boikot.
So, the writing is on the wall. The rush to even more natural catastrophe electrification gathers pace with lithium pollution and blood-slavery cobalt mining.
Meanwhile Toyota and Mazda proceed with more and more efficient ICE technology and our ASEAN neighbours attracting new technology in the field.
Petrol car fans only support hydrogen fuel