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Shell to sell its Russian retail and lubricants business to Lukoil

In March, Shell announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and LNG in a phased manner

Shell to sell its Russian retail and lubricants business to Lukoil

Moscow, May 12 - Neftegaz.RU. Shell announced today that it has struck a deal to sell its retail and lubricants business in Russia to locally owned Lukoil.

The company did not provide a price, but it said last week that its Russian marketing business, which includes assets in the Lukoil deal, was valued at about $600 million.
Huibert Vigeveno, Shell’s Downstream Director, said:
  • Our priority is the well-being of our employees
  • Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business
Shell said that the deal includes 411 retail stations, mainly located in the central and northwestern regions of Russia, and the Torzhok lubricants blending plant, around 125 miles northwest of Moscow.
Shell Neft’s retail network consists of 240 sites owned by Shell, 171 sites owned by dealers, and 19 trademark license agreement sites which are out of the scope of this transaction with Lukoil.

Maxim Donde, LUKOIL’s Vice President for Refined Products Sales, noted:
  • The acquisition of Shell’s high-quality businesses in Russia fits well into Lukoils strategy to develop its priority sales channels, including retail, as well as the lubricants business
It is worth noting that Shell stated last month that its withdrawal from Russia would result in $4 -$5 billion of impairments.

Source : Neftegaz.RU


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