Shell agrees to sell Russian retail and lubricants business to Lukoil

Shell is selling part of its Russian assets to Lukoil, the country’s second-largest oil producer.

In Torzhok, the sale will contain 411 retail gas stations and a lubricant blending factory.

The financial parameters of the purchase, which is anticipated to close later this year, were not disclosed.

Shell said on March 8 that it would gradually exit all of its Russian energy activities.

The business revealed in April that its pullout from Russia might cost up to $5 billion.

“Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business,” said Huibert Vigeveno, Shell’s downstream director stated.

Roland Busch, Siemens president and CEO said, “Today, we announced our decision to carry out an orderly process to wind down our industrial business activities in Russia.”