Shell confirmed its exit from Ukraine by selling its 51% stake to the country's largest oil and gas company.
"We can confirm that Shell has accepted an offer from Ukrnafta, to buy the entirety of Shell's shareholding in Alliance Holdings LLC, which oversees and operates the Shell-branded filling station network in Ukraine," stated a representative from Shell.
Another co-owner of LLC "Alliance Holding", which holds 49% of the company, is the state of Ukraine, represented by the State Property Fund of Ukraine.
In the coming days, Ukrnafta and Shell will apply to the Antimonopoly Committee for approval to complete their deal. This approval is a necessary step before the agreement can be finalized.
Ukrnafta has stated that within a year, the company will rebrand all its gas stations. Additionally, the company will retain its staff, including the 1,550 employees working at the gas stations and in the main office.
"The Naftogaz Group has not only adapted to the conditions of war but has become stronger. We remain flexible and are not afraid to make decisions that help the State earn money," said Oleksiy Chernyshov, CEO of the Naftogaz Group.
