Swiss energy and commodities group Mercuria Energy Group closed its purchase of Raízen Argentina, operator of the Shell stations and the Dock Sud refinery, on Tuesday 1 September 2026, at a total value of USD 1.42 billion. The Mercuria Raízen Argentina deal was signed on Thursday 4 June 2026, and the seller was Raízen, not Shell.
This article explains which assets changed hands, how the price is built, who the buyer and seller are, which approvals were granted and what it means if you fill up at a Shell station in Argentina. The facts come from Raízen’s material fact filings, Mercuria’s press release and Brazil’s official gazette (Diário Oficial da União), checked on 15 October 2026.
What Mercuria bought: the assets of Raízen Argentina
Mercuria bought 100% of Raízen’s downstream business in Argentina, covering refining, fuel distribution and related infrastructure, according to its press release of 4 June 2026. The purchase was made through two group companies, Latam Downstream Holdings Ltd. and Silver Projects I S.A.U.
| Asset or company | What it is | Source |
|---|---|---|
| Raízen Argentina S.A.U. | Company that runs the business in Argentina | Raízen material facts |
| Raízen Energina S.A., Deheza S.A.I.C.F. e I. and Estación Lima S.A. | Subsidiaries, 100% | CADE and Raízen financial statements |
| Dock Sud refinery (Avellaneda, Buenos Aires) | Raízen’s only refinery in Argentina | Raízen Integrated Report 2025’26 |
| Lubricants plant | One plant in Argentina | Raízen Integrated Report 2025’26 |
| Shell station network | Franchised network; 894 stations according to the Argentine business press | Raízen financial statements and press |
| Termap S.A. | 3.5% stake in a marine terminal | Raízen financial statements |
To give a sense of the Mercuria Raízen Argentina business: in fiscal year 2025’26 (April 2025 to March 2026), Raízen sold 7 million m³ of fuel in Argentina, including 2.3 million m³ of gasoline and 2.3 million m³ of diesel, according to its integrated report. The official filings do not give the number of stations or the refinery’s capacity; the figure of 894 stations is the one reported by Argentine media when the deal was signed.
How much Mercuria paid and what USD 1.42 billion means
The total economic value of the transaction is USD 1.42 billion, but it is not all cash: it combines a cash payment at closing with the buyer taking on the debt of Raízen Argentina S.A.U., according to Raízen’s material fact of 4 June 2026.
In practice the figure works like an enterprise value (equity price plus debt). The price is subject to the usual adjustments for working capital and net debt, calculated from the closing financial statements. Raízen said the net amount it actually receives will be known once those adjustments are complete.
Who Mercuria is
Mercuria Energy Group is an independent energy and commodities group founded in Geneva, Switzerland, active in crude oil and refined products, natural gas and LNG, power, renewables, metals and carbon markets. With Raízen Argentina it now controls a refinery and a retail fuel network in the country.
Brian Falik, Mercuria’s Global Chief Investment Officer, said the group has the financial strength, operational capability and long-term perspective to support and grow the business. The company committed to continuity for employees, customers, suppliers and partners during the transition.
Argentine media reported that local partners could join the buying company at a later stage. As of 15 October 2026 no official Raízen or Mercuria document confirms this, so the registered buyer remains the Mercuria group.
Who Raízen is and why it sold
Raízen is the Brazilian energy company created by Shell and Cosan, which bought Shell’s downstream business in Argentina in 2018, including the Buenos Aires refinery, according to Shell’s 2018 annual report. Since then it has run the network under the Shell brand through a licence.
On the seller’s side, the exit formalised by the Mercuria Raízen Argentina deal serves three stated goals: optimising the portfolio, simplifying the structure and using the proceeds to manage its capital structure. The sale comes in the middle of a financial restructuring in Brazil: Raízen filed for an out-of-court reorganisation (recuperação extrajudicial) on 11 March 2026, the plan was court-approved on 30 July 2026, and its net debt stood at BRL 56.87 billion on 30 June 2026, according to its quarterly report.
Shell itself sold nothing in this transaction. Its link to fuel retail in Argentina is the brand, and in 2018 it kept its exploration and production assets out of the sale to Raízen.
Mercuria Raízen Argentina: what changes for drivers
For drivers, the Mercuria Raízen Argentina deal brought no announced changes: neither company has announced station closures, rebranding or price changes. The Shell brand is used in Argentina under a licence from Shell Brands International, according to Raízen’s financial statements, and the press reported that Mercuria agreed to keep it; the terms have not been published.
- Brand: stations still carry the Shell brand; any rebranding would have to be announced by the companies.
- Prices: each fuel company sets its own pump prices; the sale came with no price announcement.
- Payment: no changes have been reported. If you are visiting, it helps to know the most popular payment methods in Latin America and how to pay with Pix in Argentina.
If you are planning a road trip over the November long weekend in Argentina, the network is operating as usual.
Regulatory approvals
Brazil’s competition authority, CADE, cleared the deal without restrictions: decision SG No. 900 of 9 July 2026 was published in the Diário Oficial da União on Friday 10 July, under merger case No. 08700.005548/2026-16.
Raízen said closing took place once all conditions had been met, including the applicable regulatory approvals. As of 15 October 2026 we found no published Argentine competition ruling on this purchase; we will update this article if one appears.
Timeline of the sale
The Mercuria Raízen Argentina sale took less than three months from signing to closing, according to Raízen’s material fact of 1 September 2026.
| Date | Event |
|---|---|
| 2018 | Raízen buys Shell’s downstream business in Argentina |
| Wednesday 11 March 2026 | Raízen files for out-of-court reorganisation in Brazil |
| Thursday 4 June 2026 | Binding agreement signed with the Mercuria group |
| Tuesday 16 June 2026 | CADE publishes notice of the transaction |
| Friday 10 July 2026 | CADE approval without restrictions published in the DOU |
| Thursday 30 July 2026 | Court approval of Raízen’s reorganisation plan |
| Tuesday 1 September 2026 | Sale closed |
| Pending | Post-closing price adjustments |
Frequently asked questions
Who bought the Shell stations in Argentina?
Swiss group Mercuria Energy Group bought them, through Latam Downstream Holdings Ltd. and Silver Projects I S.A.U., by acquiring Raízen Argentina, the company that runs the Shell network and the Dock Sud refinery. The deal closed on 1 September 2026. No official document has so far confirmed any local partners joining the buyer.
How much did Mercuria pay for Raízen Argentina?
The total economic value is USD 1.42 billion, according to Raízen. That amount includes a cash payment at closing and the debt of Raízen Argentina S.A.U. taken on by the buyer, so it is not all cash. The final price depends on working capital and net debt adjustments calculated after closing.
Did Shell sell its stations in Argentina?
No. Shell sold its Argentine refining and retail business to Raízen in 2018. In 2026 the seller was Raízen, the Brazilian company created by Shell and Cosan. Shell remains linked to the network through its brand licence, and its exploration and production assets were left out of that 2018 sale.
Will the Shell stations change their name?
No change has been announced so far. The stations keep the Shell brand, which is used under licence, and the press reported that Mercuria agreed to keep it, although the terms are not public. Any rebranding would have to be officially announced by the companies before it shows up at the stations.
Is the sale already closed?
Yes. Raízen said in a material fact on 1 September 2026 that it had completed the sale after all conditions were met, including the applicable regulatory approvals. The only pending item is the post-closing price adjustment, which sets the net amount Raízen receives.
Will fuel prices change at Shell stations in Argentina?
The sale came with no announcement about prices. In Argentina each fuel company sets its own pump prices, and Mercuria committed to continuity for customers and suppliers during the transition. To know the current price, the most reliable option is to check the pump or the brand’s app before filling up.
Cover photo: Ryan Ancill / Unsplash
