Shell completes sale of retail and lubricants businesses in Russia

Shell and its subsidiaries have completed the sale of Shell Neft LLC, Shell’s retail stations and lubricants business in Russia, to Lukoil, the company said on Wednesday.

As per the sale agreement, which was announced on May 12, all 350 people currently working for Shell Neft will remain employed by Lukoil.

Earlier this year, Shell agreed to sell 411 of its petrol stations to Lukoil, Russia’s second largest oil producer, following Moscow’s invasion of Ukraine.

Neither Shell nor Lukoil have provided the financial details of the sale. The sale also includes a lubricants blending plant around 200km north-west of Moscow.

“The transaction is part of Shell’s wider withdrawal from all Russian hydrocarbons which is being conducted in a phased manner, in line with its announcement in early March. The sale has been carried out in full compliance with all applicable laws and regulations,” the company said in a statement.

The completion is subject to customary registration requirements, Shell said.

Shell Neft’s retail network consists of 240 sites owned by Shell Neft, and 171 sites owned by dealers.