Lukoil has completed the acquisition of over 400 Shell retail stations and lubricants blending plant in Russia, the oil major said in a statement on Wednesday.
"The final agreement on acquisition of Shell's Russian retail and lubricants assets was signed in Moscow. The assets include the chain of filling stations primarily located in the Central and Northwestern federal districts of Russia, and lubricants blending plant located in Tver region. The sale was approved by Russia's Federal Antimonopoly Service," the statement said.
Lukoil has acquired 100% of shares in Shell Neft, which owns 411 retail stations under the Shell brand, as well as lubricants blending plant located in Russia’s Tver Region. It is expected that retail stations will be rebranded within one year after completion of the deal.
The sale agreement was announced on May 12, 2022. All people currently working for Shell Neft, more than 350 in total, will remain employed by Shell Neft, which is now owned by LUKOIL.
The transaction is part of Shell’s wider withdrawal from all Russian hydrocarbons which is being conducted in a phased manner, in line with its announcement in early March. The sale has been carried out in full compliance with all applicable laws and regulations.
