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SINGAPORE: Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to $1 billion.
London-based Shell wholly owns around 950 fuel stations across the Southeast Asian country, according to its website, with only Malaysia's state-owned Petronas operating a bigger network. In addition to its fuel stations, Shell sells industrial lubricants, produces crude oil and natural gas offshore of Sarawak and Sabah states, and is a joint venture partner in two liquefied natural gas ventures.
Shell's effort to sell its Malaysia fuel stations is consistent with its move to sell its refinery on Bukom Island in Singapore, which supplies the network, one of the sources said.
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