Shell is in talks with Saudi Arabia’s state-owned Saudi Aramco to sell its petrol station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions say, and a deal could be worth up to US$1bil.
Shell declined to comment on the talks but said Malaysia is an important country to the company. Saudi Aramco also declined to comment.
London-based Shell wholly owns around 950 fuel stations across the South-East Asian country, according to its website, with only Malaysia’s state-owned Petroliam Nasional Bhd (PETRONAS) operating a bigger network.
Talks began in late 2023 and a deal may be finalised in the coming months, one source said.