Ukraine-owned oil and gas producer Ukrnafta said on Tuesday it bought a 51% stake in Shell’s (NYSE: SHEL) petrol station network in Ukraine. Ukrnafta, part of the government-backed Naftogaz Group, said it will become the majority owner of a network of 118 operating gas stations.
Profit that the unit generates will go to the national budget in dividends, Oleksiy Chernyshov, CEO of the Naftogaz Group, said.
Bloomberg News first reported the sale and said the oil major has exited Ukraine.
The sale comes after a time of prolonged conflict between Ukraine and Russia which has prompted several companies to review their businesses in the two countries.
Shell confirmed the sale. On Tuesday, Ukraine used U.S. ATACMS missiles to strike Russian territory on the war’s 1,000th day.
