Thursday, August 4, 2022

Shell sells Russian asset retail station to Russia’s second largest oil producer

Russia’s second largest oil producer, Lukoil (pictured), announced today that it has bought the Russian retail subsidiary of British oil giant Shell, but did not disclose transaction details. The Associated Press


Russiasecond largestOilProducer Lukoil today announced that it has bought British oil giant ShallowRussiasubsidiary of the retail station, but did not disclose details of the deal. After Russia invaded Ukraine, Western companies continued to withdraw from the Russian market.

“As part of the transaction, more than 350 people currently employed by Shell Neft will be transferred to the new owners of the business,” said Hubert Vigeveno, Shell’s downstream director, according to a statement released by Luke Oil.


Agence France-Presse reported that Shell Neft’s assets include 411 retail outlets, mostly in central and north-western Russia.

After Russian President Vladimir Putin sent troops to Ukraine in late February, Shell, which was listed on the London stock exchange, announced at the time that it would buy all joint venture shares with Russia’s state-run energy giant Gazprom. Will sell for which price is approx. 3 billion dollars.

Shell announced in March that, in line with British government policy, it would withdraw from its oil and gas business in Russia and immediately stop purchasing Russian crude.


Russia's second largest oil producer, Lukoil, announced today that it has acquired British oil giant Shell (...
Russia’s second largest oil producer, Lukoil, announced today that it has bought the Russian retail subsidiary of British oil giant Shell (pictured), but did not give details of the deal.Reuters

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