Shell sells Russian retail business to Lukoil

The Shell brand is noticed at a Shell petrol station in London. REUTERS/Toby Melville

Could 12 (Reuters) – Russia’s next-major oil producer Lukoil (LKOH.MM) will buy Shell’s (SHEL.L) Russian retail and lubricants enterprises, the organizations said on Thursday, as the British oil important moves forward with its exit from the region following its Ukraine invasion.

The deal involves 411 retail stations, primarily positioned in the Central and Northwestern areas of Russia, and the Torzhok lubricants mixing plant, Shell mentioned in a assertion.

“The acquisition of Shell’s substantial-good quality businesses in Russia suits well into Lukoil’s approach to produce its priority revenue channels, including retail, as effectively as the lubricants business,” said Maxim Donde, a vice-president with Lukoil.

Neither Shell, nor Lukoil would not remark on the benefit of the deal, which nevertheless needs the approval of Russia’s anti-monopoly authorities. study much more

“Less than this deal, extra than 350 people today at present utilized by Shell Neft will transfer to the new proprietor of this company,” Shell stated.

Shell has composed down $3.9 billion post-tax soon after it pulled out of its Russian operations, which include the big Sakhalin 2 LNG plant in which it holds a 27.5% stake and which is operated by Gazprom. go through much more

Reporting by Yadarisa Shabong in Bengaluru
Enhancing by Rashmi Aich and Mark Potter

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