Ukraine will auction its nationalized share of the Shell gas stations network.

The Shell Oil Company is not the only potential buyer for the Shell-branded network of gas stations in Ukraine, which was recently nationalized.

The State Property Fund of Ukraine announced that the network of gas stations will be sold at an auction for the highest price and under the most favorable conditions for the state. It is about 49% of the company “Alliance Holding”, which owns a chain of gas stations in Ukraine under the Shell brand.

The value of Shell’s assets in Ukraine may reach $90-92M. The proceeds from the sale will be directed to the Fund for Liquidation of the Consequences of Armed Aggression of the Russian Federation.

Shell disagrees with the nationalization decision. The company’s representatives claim it acted transparently and cooperated with the Ukrainian authorities.

The SPFU has declared that Shell started restructuring its business, removing one of the Russian shareholders, only after Ukrainian authorities began to take measures to counter sanction violations.

The previous owner of Alliance Holding, with a share of 49%, was Russian businessman Eduard Khudainatov, who has been sanctioned by both Ukraine and the EU. The day of the auction is yet to be announced.