SINGAPORE – Energy giant Shell is in talks with Saudi Arabia’s state-owned Saudi Aramco to sell its petrol 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 US$1 billion (S$1.35 billion).

Shell declined to comment on the talks but said Malaysia is an important country to the company. Saudi Aramco also declined to comment.

London-based Shell wholly owns around 950 petrol stations across the South-east Asian country, according to its website, with only Malaysia’s state-owned Petronas operating a bigger network.
Shell has said it would look to divest 500 petrol stations in 2024 and 2025. It is in the process of selling its Singapore refinery and petrochemical complex.