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 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