Who owns Shell (Raízen)?
Shell (Raízen) is operated by Raízen (Brazil, B3: RAIZ4) under licence; Raízen does not own the name.[1] The Shell name is owned by Shell.
Evidence: CVM open data: FRE shareholder positions, Raízen S.A., Comissão de Valores Mobiliários (CVM). Last checked .
Key facts
- Licensed to
- Raízen S.A. reported
- Headquarters
- 🇧🇷 Brazil
- Origin
- 🇧🇷 Brazil
- Category
- Energy › Oil & gas › Fuel stations
- Parent ticker
- B3: RAIZ4
- Last verified
- · 1 sources
About Shell (Raízen)
Cosan's 2025 Form 20-F says Raízen distributes fuels through about 7,692 service stations in Brazil, Argentina and Paraguay licensed with the Shell brand, more than 2,330 of them with integrated convenience stores, supplied from 70 terminals. In 2018 Raízen acquired Shell's Argentine downstream assets, including a refinery of 109 thousand barrels per day and 892 Shell-branded stations.
Ownership timeline of Shell (Raízen)
Where Shell (Raízen) sits in Raízen
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Other brands in fuel stations, and who owns them
The 48 brands in fuel stations on Brandtree belong to 36 owners. The largest is bp, with 4.
| Brand | Owner | Owner based in |
|---|---|---|
| Aral | bp | 🇬🇧 United Kingdom |
| Casey's | Casey's | 🇺🇸 United States |
| Ampol | Ampol | 🇦🇺 Australia |
| Caltex | Chevron | 🇺🇸 United States |
| Circle K | Couche-Tard | 🇨🇦 Canada |
| Esso | ExxonMobil | 🇺🇸 United States |
| AVIN | Motor Oil Hellas | 🇬🇷 Greece |
| Murphy USA | Murphy USA | 🇺🇸 United States |
About the owner: Raízen
Raízen is a publicly listed company headquartered in Brazil.
Raízen S.A. (CNPJ 33.453.598/0001-23) is listed on B3 on Nível 2 with preferred shares coded RAIZ4. Its CVM reference form shows Shell Brazil Holding BV with 44.024 percent and Cosan with 44.024 percent in total (5.000 percent directly and 39.024 percent through Cosan Nove). Cosan's 2025 Form 20-F calls Raízen a joint venture controlled by Cosan and Shell, and records that Raízen disclosed going-concern uncertainty on 12 February 2026 and, on 11 March 2026, filed for an out-of-court reorganisation (recuperação extrajudicial) in São Paulo.
🇧🇷 Shell (Raízen) and other Brazilian brands
Brandtree records a controlling owner for 149 brands that began in Brazil. 31 of them (21%) are now controlled by a company headquartered in another country; Shell (Raízen) is not one of them.
- Auren Energia — Auren Energia 🇧🇷
- Brava Energia — Ecopetrol 🇨🇴
- Comgás — Cosan 🇧🇷
- Confab — Tenaris 🇱🇺
- Engie Brasil Energia — Engie Brasil Energia 🇧🇷
- Ipiranga — Ultrapar 🇧🇷
Frequently asked questions
Who makes Shell (Raízen)?
Raízen makes and sells Shell (Raízen) under a licensing agreement.
Does Raízen own Shell (Raízen)?
No. Raízen holds a licence to make and sell Shell (Raízen), which is not the same as owning it.
Where did Shell (Raízen) come from?
Shell (Raízen) originated in Brazil.
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] CVM open data: FRE shareholder positions, Raízen S.A. — Comissão de Valores Mobiliários (CVM), Stock exchange filing; retrieved 5 October 2026.
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