Ukrnafta to take over Shell's service station network in Ukraine

The company revealed it had acquired a 51% stake in the energy giant’s network of 118 locations nationwide.

Ukrnafta recently revealed that it has bought a 51% stake in Shell's fuel retail operations in Ukraine, consisting of 118 locations under Alliance Holding.

With this transaction, the company, part of the government-backed Naftogaz Group, announced it will become the majority owner of Alliance. Both companies will file an application with the Antimonopoly Committee for a concentration permit so that all the rights and obligations of the shareholder will be transferred to Ukrnafta.

"The Naftogaz Group has not only adapted to the war conditions but has become stronger. We remain flexible and we are not afraid to make decisions that allow the State to earn money. The profit that Alliance Holding will generate will go to the national budget in dividends,” said Oleksiy Chernyshov, CEO of the Naftogaz Group.

Shell was one of the top ten fuel retailers in the country, ranked seventh in number of locations and ninth in terms of fuel sales for 2024.

All gas stations will be rebranded within a year while the existing staff will be retained. These are 1,550 employees, working at the gas stations and in the head office.