Ukrnafta finalizes acquisition of Shell-branded network in Ukraine

State-owned energy firm gains full control of Alliance Holding, adding 118 stations to its network.

Ukrnafta, a subsidiary of the Naftogaz Group, has officially completed the acquisition of a 51% stake in Alliance Holding from Shell Overseas Investments, securing majority ownership of 118 Shell-branded stations and associated assets across Ukraine. The remaining 49% is held by the State Property Fund of Ukraine, meaning the Ukrainian state now owns 100% of Alliance Holding.

The acquisition marks a significant step in the company’s expansion strategy. With the integration of these Shell gas stations, the company plans to operate a total of 663 locations under the Ukrnafta brand within the next year, according to Yuriy Tkachuk, Acting Chairperson of the Management Board at Ukrnafta.

“I would like to thank the Supervisory Board of the Ukrnafta for its strategic vision of the company's development and constructive bold decisions, as well as the shareholders – the NJSC Naftogaz of Ukraine and the Ministry of Defense of Ukraine – for supporting important initiatives,” Tkachuk said. “I also thank the Cabinet of Ministers of Ukraine for promoting the course chosen by the state enterprise and the National Bank of Ukraine for the opportunity to implement this transaction.”

The acquisition not only consolidates state ownership but also supports the entity’s goals for growth, job retention, and economic development, Tkachuk noted. The rebranding of the acquired stations is already in progress, with some locations now operating under the state-owned company’s banner.

The move enhances Ukrnafta’s market position and strengthens its long-term strategy for national energy infrastructure and retail fuel operations.