The Shell gas station network in Ukraine could be valued at $105-132 million, according to Sergey Kuyun, director of the A-95 consulting group.
"In my opinion, Shell stations might be worth $0.8-1 million each. The network comprises 132 gas stations, of which about 120 are currently operational, so we are talking about $105-132 million. This is despite Shell claiming investments of $460 million. However, given the ongoing war, the final price remains uncertain," - he wrote on his Facebook page.
The expert noted that the State Property Fund (SPF) of Ukraine has officially become the owner of 49% of the network operator LLC "Alliance Holding" and announced its intentions to sell this stake.
At the same time, in the current wartime conditions, Kuyun believes the chances of selling this asset are minimal. "Either Shell will decide to buy the stake from the SPF, or it will choose to sell its own. There are no other options," he believes.
As reported, the joint venture between Shell and the Russian group "Alliance" led by Musa Bajayev for managing the gas station network in Ukraine began its operations in August 2007. Shell held a 51% stake in the joint venture, while "Alliance" owned 49%. The Alliance transferred about 150 gas stations to the joint venture, and Shell contributed cash, licenses, and the brand.
In 2014, it became known that the sanctioned Russian businessman Eduard Khudainatov purchased his oil assets from Bajayev. In June 2022, he was placed under sanctions by the European Union, and in October 2022, by Ukraine.
The Ministry of Justice of Ukraine filed a lawsuit in October 2023 with the High Anti-Corruption Court of Ukraine to recover Khudainatov's assets for the state.
As a result of the court proceedings, 49% of "Alliance Holding" was recovered for the state. In April 2024, this stake was transferred to the SPF.
In November 2024, Overseas Investments, part of the Shell energy and petrochemical group, registered its ownership of 51% of the charter capital of "Alliance Holding" in compliance with the decision of the Appellate Chamber of the High Anti-Corruption Court.