A company spokesman confirmed that company employees were on board the aircraft which was enroute to Kuala Lumpur from Amsterdam.
"After a review of traveler records and airline manifests, we now have confirmation from authorities and family members that Shell staff were aboard Malaysian Airlines flight 17," the spokesman said on Friday.
The spokesman added that Shell Malaysia was still working on a definitive list of employees and was unable to provide further information at the time.
Saddened by the loss of its employees, the company said it was rendering its support to the families of those who perished.
Flight MH17 disappeared from radar screens in eastern Ukraine at around 1415 GMT, hours after the Boeing 777, bound for Kuala Lumpur, had taken off from Amsterdam’s Schiphol airport.
It is believed to have been accidentally shot down 50km from the Ukraine-Russia border.
All 298 passengers on board are believed to have perished.
The area is currently being held by pro-Russian separatists.