The deal includes 411 retail stations, mainly located in the Central and Northwestern regions of Russia, and the Torzhok lubricants blending plant, around 200 kilometres north-west of Moscow.
Maxim Donde, LUKOIL’s Vice President for Refined Products Sales said: “Our priority is the well-being of our employees,” said Huibert Vigeveno, Shell’s Downstream Director. “Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business. 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.”
The agreement with LUKOIL follows Shell’s announcement in early March of its intention to withdraw from all Russian hydrocarbons in a phased manner, and will be carried out in full compliance with applicable laws and regulations.
The sale is expected to be completed later this year, subject to regulatory approval.
Read the latest issue of Oilfield Technology in full for free: Spring 2022
Oilfield Technology’s first issue of 2022 begins with analysis from Wood Mackenzie on the disconnect between surging oil prices and US oil production growth and investment. The rest of the issue is dedicated to features covering sand removal technology, dissolvable frac plug technology, digitalisation of offshore operations, annular intervention, oilfield chemicals, subsea compression systems and smart instrument measurement.
Exclusive contributions come from TETRA Technologies, NOV, Archer, Expro, Locus Bio-Energy Solutions, AES Drilling Fluids, MAN Energy Solutions and Winters Instruments.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/13052022/shell-signs-agreement-to-sell-retail-and-lubricants-businesses-in-russia/
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