Shell signs agreement to sell retail and lubricants businesses in Russia

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.

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Read the article online at: https://www.oilfieldtechnology.com/product-news/13052022/shell-signs-agreement-to-sell-retail-and-lubricants-businesses-in-russia/