Why is Shell Selling All its Service Stations in France? Shell is preparing to sell its entire network of petrol stations in France, according to a report from French news outlet Les Échos. The company is seeking a buyer for its portfolio of around 60 service stations, with a deal expected to be agreed by the third quarter of 2026 and completed in early 2027. The assets, which generated operating profits of roughly US$127.5m in 2025, might appear modest within Shell’s global portfolio, yet they remain a profitable foothold in a competitive downstream market. Crucially, Shell does not directly own these sites, instead operating through concession agreements with motorway operators including Vinci, Cofiroute and ASF. That structure has long limited control while tying the business to fixed-term contracts and periodic competitive tenders. So, what is the rationale behind this decision? - Employees: 98,000 - HQ: London, UK - Production capacity: 2.8 million barrels of oil per day - Operational reach: More than 70 countries - CEO: Wael Sawan Profit without permanence Despite the profitability of Shell’s sites in France, the stations sit within a structurally constrained segment of the downstream sector. A significant share of earnings comes not from fuel sales but from retail activity, including food and beverage purchases that drive margins in roadside convenience. This reflects a broader industry reality in Europe, where fuel retail margins are thin and increasingly sensitive to price competition from supermarkets. In France in particular, hypermarkets dominate fuel sales, often undercutting traditional operators and compressing returns. Shell’s motorway presence, while fairly premium in location, is also costly, since it is linked to concession fees, operational standards and the upkeep of infrastructure. Internally, the sentiment suggests that profitability alone has not been sufficient to justify continued investment. One employee described the preparation for sale