Shell plans to eliminate 1,000 retail gasoline stations over the next two years, saying the divested locations around the world will be Shell-owned or joint-venture outlets. The move comes as the company works to upgrade its retail network with expanded electric vehicle charging.
In its latest sustainability report, Energy Transition Strategy 2024, the company said the charging stations will follow demand, citing Europe and China. It said it wants to grow the number of public charging points fourfold, from 54,000 to 200,000 by 2030.
Shell says it has one of the largest network of service stations in the world, which provides a leg up on meeting the growing needs for public charging stations. It says given its complementary convenience store business, public charging would bring an internal rate of return of 12% or higher.
Last month, Shell closed several hydrogen refueling stations in California.
Also last month, Shell said it would acquire the retail division of Brewer Oil Co., which includes 45 locations in New Mexico. The collection of fueling stations and convenient stores will be the company first operated retail presence in the state. It operates 12,000 fueling stations across the country.
