Shell sells Russia's retail business to Lukoil

Russia's second-largest oil producer Lukoil will buy Shell's Russian retail and lubricants businesses, the companies said on Thursday.

The deal includes 411 retail stations, mainly located in the Central and Northwestern regions of Russia, and the Torzhok lubricants blending plant, Shell said in a statement.

"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," said Maxim Donde, a vice-president with Lukoil.

"Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business," Shell said.

The deal still requires the approval of Russia's anti-monopoly authorities.