10:19 AM EDT, 05/07/2024 (MT Newswires) -- (Updates with Shell's response in the fourth paragraph.)

Shell (SHEL) is in talks to sell its gas station business in Malaysia to Saudi Aramco in a deal that could be worth up to $1 billion, Reuters reported Monday, citing four industry sources aware of the discussions.

Talks started late last year and a deal may be reached in the coming months, the report added, citing one of the sources.

The deal could fetch approximately 4 billion to 5 billion Malaysian ringgits ($843.9 million to $1.05 billion), the report said, citing two of the sources.

"Malaysia is important to Shell," a Shell spokesperson told MT Newswires in an email. "We remain committed to the mobility business in the country."

Saudi Aramco did not respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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