A network of Shell filling stations in Ukraine could cost $105-132 million, according to Sergiy Kuyun, director of A-95 Consulting Group.
“In my opinion, Shell stations can cost $0.8-1 million. The network has 132 filling stations, of which about 120 are currently operating, so we are talking about $105-132 million. This is assuming that Shell itself claims to invest $460 million. But we are at war, so we don’t know what the final price might be,” he wrote on his Facebook page.
The expert reminded that the State Property Fund (SPF) of Ukraine 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 Mr. Kuyun, the chances of selling this asset are slim. “Either Shell will decide to buy the stake from the SPF or decide to sell its own. There is no other option,” he said.
As reported, a joint venture between Shell and Musa Bazhaev’s Russian Alliance Group to manage a network of gas stations in Ukraine was launched in August 2007. Shell held a 51% stake in the joint venture, while Alliance held 49%. Alliance transferred about 150 filling stations to the joint venture, while Shell contributed cash, licenses and a brand.
In 2014, it became known that a sanctioned Russian businessman, Eduard Khudainatov, had bought out Bazhaev’s oil assets. In June 2022, he was sanctioned by the European Union, and in October 2022, he was sanctioned by Ukraine.
In October 2023, the Ministry of Justice of Ukraine filed a lawsuit with the High Anti-Corruption Court of Ukraine to recover Khudainatov’s assets for the state.
As a result of the proceedings, 49% of Alliance Holding was recovered by the state. In April 2024, this share was transferred to the SPF.
In November 2024, Overseas Investments, a member of the Shell group of energy and petrochemical companies, registered 51% in the authorized capital of Alliance Holding pursuant to the decision of the HACC Appeals Chamber.
