Shell gas station network in Ukraine may cost $105-132 mln – director of A-95

The Shell gas station network in Ukraine may cost $105-132 million, according to director of the consulting group A-95 Serhiy Kuyun.

"In my opinion, Shell stations may cost $0.8-1 million. The network has 132 gas stations, of which about 120 are operating today, i.e. we are talking about $105-132 million. This is despite the fact that Shell itself is announcing investments of $460 million. But we are at war, so what the final price may be is unknown," he wrote on Facebook.

The expert recalled that the State Property Fund of Ukraine (SPF) officially became the owner of 49% of the network operator, Alliance Holding LLC, and announced its intention to sell this share.

At the same time, in the current war conditions, according to Kuyun, the chances of selling this asset are slim.

"Either Shell will decide to buy out the stake from the State Property Fund, or it will decide to sell its own. There is no other option in sight," he believes.

As reported, the joint venture between Shell and the Russian Alliance Group of Musa Bazhaev to manage a network of gas stations in Ukraine began operations in August 2007. Shell owned a 51% stake in the joint venture, while Alliance owned 49%. Alliance transferred about 150 gas stations to the joint venture, and Shell contributed cash, licenses, and the brand.

In 2014, it became known that sanctioned Russian businessman Eduard Khudaynatov bought out Bazhaev's oil assets. In June 2022, he fell under sanctions from the European Union, and in October 2022, under sanctions from Ukraine.

In October 2023, the Ministry of Justice of Ukraine filed a lawsuit with the High Anti-Corruption Court of Ukraine to recover Khudaynatov's assets for the benefit of the state.

As a result of the legal proceedings, 49% of Alliance Holding was recovered for the benefit of the state. In April 2024, this share was transferred to the State Property Fund.

In November 2024, Overseas Investments, part of the Shell group of energy and petrochemical companies, registered 51% of the charter capital of Alliance Holding in compliance with the decision of the Appellate Chamber of the High Anti-Corruption Court of Ukraine.