On January 19, Ukrnafta JSC concluded two agreements with Alliance Holding LLC for the sublease of gas stations for a total amount of UAH 841.90 million. This concerns the use of a gas station network that previously operated under the Shell brand.
According to the terms of the agreements, the sublease term is set until September 30, 2028. Ukrnafta has been granted use of 117 property complexes of gas stations throughout Ukraine, which include both real estate and movable property.
Of the total amount of contracts, UAH 715.90 million is for 99 gas stations that Alliance Holding leases from their owner. Another UAH 126.00 million relates to 18 gas stations that the company uses under leasing terms. The owner of all these gas stations is Invest-Region LLC.
The sublease fee will be calculated according to a single formula - UAH 1.74 including VAT for each liter of fuel sold by Ukrnafta at these gas stations. The specified cost is a maximum and is not subject to change during the entire term of the contracts.
In December 2025, Ukrnafta announced the completion of the rebranding of all 118 gas stations that previously operated under the Shell brand. Even earlier, in August 2025, the agreement between Ukrnafta and Shell Overseas Investments BV was finally closed for the Ukrainian state-owned company to acquire a 51% controlling stake in Alliance Holding LLC.
The sale of Shell's retail business in Ukraine took place against the backdrop of the nationalization of part of its assets. In October 2024, the State Property Fund of Ukraine became the owner of 49% of the authorized capital of Alliance Holding. This share previously belonged to Russian businessman Eduard Khudaynatov, who was sanctioned after the start of a full-scale war. By decision of the Supreme Anti-Corruption Court, his Ukrainian assets were seized as state revenue.
Shell insisted that after the full-scale invasion began, Khudainatov’s stake in Alliance Holding had been reduced to 2.56%, while Shell’s indirect stake had increased to 97.44%. Despite this, state authorities deemed the assets subject to confiscation.
As of today, the ownership structure of Alliance Holding looks like this: 51% belongs to JSC Ukrnafta, another 49% to the State Property Fund of Ukraine. The founder of the company Invest-Region, which owns gas stations, is Alliance Holding itself.
