The Russian

The Russian's 49% share in the Shell gas station network in Ukraine was transferred to the State Property Fund

Ukraine's State Property Fund (SPFU) has assumed management of the Shell gas station network's assets in Ukraine, the fund's chairman, Vitaliy Koval, announced

This includes a 49% stake in LLC Alliance Holding, which oversees the petrol station company and was formerly owned by Russian businessman Eduard Khudainatov.

The SPFU has gained full ownership of LLC Alliance Oil Ukraine, the entity that possesses oil depots and real estate.

Eduard Khudainatov, once a high-ranking executive at the Russian state-owned company Rosneft, is the proprietor of the Independent Oil and Gas Company. He faced sanctions from the European Union in June 2022, followed by Ukraine in October 2022. Ukraine's High Anti-Corruption Court ruled to transfer his corporate rights in Ukrainian companies to the state in 2024.

"The SPFU is in the process of resolving legal issues surrounding these assets to secure ownership rights with the state," Koval said.

"I remind you that the proceeds from the sale of sanctioned property will be allocated to the Fund for the Elimination of Consequences of Armed Aggression."

The collaboration between Shell and the Russian Alliance group in managing Ukraine's gas station network commenced operations in August 2007. Initially, Shell held a 51% stake in the joint venture, with Alliance possessing 49%. About 150 gas stations were transferred to the joint venture by Alliance, while Shell contributed funding, licenses, and its brand.

The Shell gas station network presently comprises 132 stations across 20 regions of Ukraine, with 118 stations actively operating. The company has an employee base of approximately 1,600 people.

Shell, a multinational conglomerate of energy and petrochemical firms, operates in over 70 countries and employs a total staff of 93,000 people.

Related posts