Four industry sources familiar of the conversations stated that energy giant Shell is in talks to sell its gas station business in Malaysia, the second largest in the country, to Saudi Aramco, the state-owned company in Saudi Arabia. The transaction might be valued at up to $1 billion.
Malaysia is significant to Shell, according to the firm. In a revised statement on Tuesday, it stated, “We remain committed to the mobility business in the country,” without providing further details.
On Monday, Saudi Aramco chose not to comment.
According to its website, London-based Shell fully owns about 950 gas stations throughout the nation of Southeast Asia; only Malaysia’s state-owned Petronas has a larger network.
According to one source, negotiations started in late 2023, and a deal might be signed in the upcoming months.
