BENGALURU: Shell reaffirms its dedication to the mobility sector in Malaysia despite recent reports suggesting discussions with Saudi Aramco regarding the potential sale of its petrol stations in the country. According to Reuters, discussions commenced in late 2023, with a potential deal valued at up to US$1 billion, as per four industry sources.
With approximately 950 fuel stations in Malaysia, Shell ranks as the second-largest operator following state-owned Petronas. In addition to its retail presence, Shell engages in the sale of industrial lubricants, offshore crude oil and natural gas extraction in Sarawak and Sabah, and participation in two liquefied natural gas joint ventures within the nation.
This purported divestment aligns with CEO Wael Sawan’s strategy to prioritize the most profitable segments of the company. As part of this initiative, Shell aims to divest 500 fuel stations within the current and following fiscal years. Furthermore, the company is in the process of selling its Singapore refinery and petrochemical complex.
—REUTERS
