Shell has been quietly stepping back from petrol stations, about 500 a year since 2024. South Africa, Namibia, Indonesia, Mexico and Pakistan already done or underway, France reportedly next. It is not struggling. Shell made $18.5 billion in profit in 2025 and $6.9 billion in Q1 2026 alone, up 23%. The pump margin is thin and regulated. Shell would rather put that cash into oil, gas and LNG, where the returns are fatter, and it keeps the brand on the door through a licence fee while someone else runs the pumps. In South Africa the stations are heading to the Gulf, a deal agreed but not yet closed. In Namibia they already went to local operators. Same decision, two very different buyers. #GlobalArbitrage #Shell #ADNOC #Namibia #Africa