12th May 2022 10:58
(Alliance News) - Shell PLC on Thursday said it has sold its Russian retail and lubricants business Shell Neft to PJSC Lukoil.
The London-based oil and gas company reported that the deal includes 411 retail stations, mainly located in the central and north-western regions of Russia.
Further, the deal comprises the Torzhok lubricants blending plant, based near Moscow.
Moscow-based energy company Lukoil, separately, added the deal will be concluded after approval by the Federal Antimonopoly Service of Russia.
The financial details of the acquisition were not disclosed.
"The acquisition of Shell's high-quality businesses in Russia fits well into LukOil's strategy to develop its priority sales channels, including retail, as well as the lubricants business," said Maxim Donde, Lukoil's vice president for Refined Products Sales.
The sale follows Shell's announcement in late February to withdraw from all Russian hydrocarbons in a "phased manner." Back then, Shell explained it would exit its joint ventures with Russian energy giant PJSC Gazprom and also its involvement with the Nord Stream 2 pipeline project, following Russia's invasion of Ukraine.
Shell shares were down 3.4% at 2,238.50 pence each on Thursday morning in London.
By Abby Amoakuh; [email protected]
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