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Shell selling its retail oil business to Lukoil as it exits Russia
Shell oil giant is set to sell its retail business, including more than 400 petrol stations, as it moves to leave Russia. It was revealed that Lukoil Oil Company, a Russian multinational energy corporation headquartered in Moscow, is the buyer of the assets.
Lukoil is the second-largest oil producer in Russia, and it will buy the said properties from Shell Neft, the British multinational oil and gas company’s Russian subsidiary. While it has been confirmed that an agreement between Shell and Lukoil has been reached, the sale amount was not disclosed to the public, as per BBC News.
Most of the Western oil and gas companies in Russia are looking to sell their businesses after the country’s President Vladimir Putin ordered unprovoked attacks on Ukraine with the aim of invasion. They are also under pressure to discontinue their operations as countries are imposing sanctions on Russia for its brutal actions.
Shell is the latest major company to offload its Russin business, and its deal with Lukoil includes the sale of 411 petrol stations and a lubricant blending plant located in the northwestern part of Moscow. In any case, it was in February when Shell first announced its plans to sell its assets due to the invasion.
The oil company revealed huge losses as a result of its pull-out in Russia. It had previously lost $3.9 billion because its exit also meant selling its stakes in all of its joint business ventures, including one with Gazprom.
"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," Lukoil’s vice president for product sales, Maxim Donde, said in a statement regarding its purchase of Shell assets.
Meanwhile, Reuters reported that the displaced employees of Shell, which is around 350 in number, will be given new jobs. As part of the deal, Lukoil will be hiring all the workers, so they continue to have their livelihoods.
"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," Donde further said.