The Antimonopoly Committee of Ukraine (AMCU) has granted permission to PJSC "Ukrnafta" for the acquisition of more than 50% of the shares of LLC "Alliance Holding," which operates the Shell gas station network in Ukraine.
"Permission has been granted to 'Ukrnafta' for acquiring a share in the charter capital of LLC 'Alliance Holding,' ensuring that it exceeds 50 percent of the votes in the highest governing body of the company," stated the committee's decision, which was made public following Thursday's meeting.
On November 19, 2024, "Ukrnafta" entered into an agreement with Shell to purchase 51% of LLC "Alliance Holding," the operator of the Shell gas station network in Ukraine. Following this, the company applied to the AMCU for permission to concentrate, which is a mandatory condition for finalizing the agreement. Once this is obtained, "Ukrnafta" will be able to fully close the deal and acquire all rights and obligations of the shareholder.
Shell ranks among the top 10 networks in terms of sales volume in Ukraine, operating 118 active gas stations. The network is ranked 9th in fuel sales based on the results of the first nine months of 2024 and 7th in terms of the number of gas stations, which are primarily located in favorable areas with high traffic.
Out of the 118 active Shell gas stations in 20 regions of Ukraine, 34 are located in the capital region, 11 in Odesa, 10 in Lviv, 32 in other regional centers, and 31 along highways.
As reported, the joint venture of Shell and the Russian group "Alliance" of Musa Bajayev began managing the gas station network in Ukraine in August 2007. Shell held a 51% stake in the JV, while "Alliance" held 49%. The Alliance transferred about 150 gas stations to the JV, while Shell contributed cash, licenses, and branding.
In 2014, it became known that the sanctioned Russian businessman Eduard Khudainatov purchased the oil assets from Bajayev. In June 2022, he was sanctioned by the European Union, and in October 2022, he was sanctioned 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 state revenue.
As a result of the court proceedings, 49% of "Alliance Holding" was seized for state revenue. In April 2024, this stake was transferred to the State Property Fund.
In November 2024, Overseas Investments, part of the Shell energy and petrochemical group, registered 51% of the charter capital of "Alliance Holding" following a decision by the Appellate Chamber of the VAKS.
"Ukrnafta" is the largest oil extraction company in Ukraine and operates the national gas station network. In March 2024, the company took over the management of Glusco's assets and now operates a total of 545 gas stations – 460 owned and 85 under management.
The company is implementing a comprehensive program to renew its operations and update the format of its gas stations. Since February 2023, it has been issuing its own fuel vouchers and "NAFTACard," sold to legal and physical entities through LLC "Ukrnafta-Pochtach."
The largest shareholder of "Ukrnafta" is the National Joint Stock Company "Naftogaz of Ukraine," holding a stake of over 50% plus one share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the state-owned share of the company, previously held by private owners, which is now managed by the Ministry of Defense.