State-controlled filling stations: what does the deal between Shell and Ukrnafta change?
4 August 21:09
“Ukrnafta has finalized its deal with Shell. From now on, the state fully controls the network of 118 filling stations, "Komersant Ukrainian" reports, citing the company’s official website.
Ukrnafta, a part of the Naftogaz Group, has officially completed the acquisition of a 51% stake in Alliance Holding LLC, the company that owns a network of Shell-branded gas stations in Ukraine. Previously, the State Property Fund of Ukraine owned 49% of the company. Thus, the Ukrainian state has gained full control over Alliance Holding LLC and the network of 118 Shell filling stations, which are now being transferred to the management of the state energy sector.
The decision was a key element in the implementation of Ukrnafta’s updated strategy aimed at expanding the company’s presence in the retail fuel market, strengthening the country’s energy security and diversifying its revenue sources.
Stake consolidation: who is behind the deal
The controlling stake in Alliance Holding LLC was sold by Shell Overseas Investments BV, a subsidiary of the international energy concern Shell. According to official information, the transaction was approved by all parties, including the Government of Ukraine and the National Bank of Ukraine, which provided currency support for the transaction.
As a result, the state now owns 100% of the corporate rights in the company, which manages not only the filling stations but also the related property complex – oil depots, logistics facilities, office infrastructure, and land plots.
“This is not just a strategic deal, it is a vector to strengthen the state presence in the market that is critical for the national economy,” said Yuriy Tkachuk, Acting CEO of Ukrnafta.
He thanked the company’s Supervisory Board, shareholders, government and regulators for their support and balanced decisions.
663 filling stations under a single brand: UKRNAFTA expands its presence in the fuel market
The acquisition of Shell filling stations was part of a broader transformation. By 2025, 663 filling stations across Ukraine will be united under the UKRNAFTA brand. This not only strengthens the company’s market position, but also provides greater access to quality fuel for consumers: both the civilian sector and the Armed Forces.
The rebranding of the Shell network has already started. Some of the filling stations are operating under the new design, while the rest will be updated in stages. The company promises to maintain the service quality standards that existed in the Shell network, while integrating them into the strategy of the national operator.
Read also: Ukrnafta buys Shell filling stations and promises not only more money for the budget
Why the deal between Shell and Ukrnafta became possible
The deal with Shell is not only of market but also strategic importance. The war conditions have forced the state to rethink the role of energy assets. Strengthening control over critical infrastructure is a response to the need for flexibility, resilience and predictability in supplying both the defense and consumer sectors.
In addition, receiving full profit from the activities of the filling stations will allow the state to accumulate additional funds to the budget through dividends. Previously, Shell’s share limited the possibility of such distribution. Now, the State Property Fund and Ukrnafta will be able to allocate the profits according to the state’s needs.
According to fuel market analysts, the presence of a state-owned company in the premium segment is a clear signal of the government’s serious intention to reduce dependence on private importers and stabilize fuel market pricing.
Economic impact and employment
One of the key arguments in favor of the deal is job security. Under the terms of the deal, Shell employees will remain with the company. This helps to avoid social tension, retain staff expertise and minimize adaptation costs.
In addition, Ukrnafta plans to modernize some of its filling stations. In particular, it plans to introduce digital services, process automation systems and improve environmental standards. In the future, the company may expand services at its filling stations, ranging from convenience stores to charging stations for electric vehicles.
The completion of the deal between Ukrnafta and Shell is a systemic strategic decision that demonstrates a new model of state asset management. Amidst the war and crisis, Ukraine is moving from a policy of privatization to a policy of control, consolidation and sustainable development of key sectors of the economy.
The network of former Shells will become part of the renewed state energy holding, which is already actively working to change the market logic: from chaotic competition to structured management and long-term planning.
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