Shell in talks with Aramco to sell Malaysian fuel stations for $1B: Report

06/05/2024 Argaam
Aramco’s oil tanks

Aramco’s oil tanks

British oil giant Shell is discussing selling its Malaysian fuel station business to Saudi Arabian Oil Co. (Saudi Aramco) for $1 billion, Reuters reported, citing informed sources.

 

The talks started in late 2023, with the deal possibly concluding in the coming months, the sources said.

 

Shell declined to comment, but said Malaysia is an important country for the company. Saudi Aramco also refused to comment.

 

The sale is part of Shell CEO Wael Sawan's strategy to focus on more profitable sectors. The company is exploring divesting 500 fuel stations this year and next, the report said.

 

Shell is currently in the process of selling its Singapore refinery and a petrochemical complex.

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