Lukoil Closed Shell Acquisition Deal

Lukoil has closed a deal to acquire Shell gas stations and a lubricants plant in Russia. 

“The final documents were signed in Moscow as part of a deal to sell Shell’s assets in Russia – a network of gas stations located mainly in the Central and North-Western Federal Districts, as well as a plant for the production of lubricants in the Tver region,” the company reports.

It is clarified that Lukoil bought 100 per cent of Shell Oil LLC, which owns 411 Shell-branded gas stations and a lubricants plant in Torzhok (Tver Region). It is assumed that the rebranding of the gas station will be carried out within a year after the closing of the deal.

“The well-being of our employees is extremely important to us. In accordance with the terms of the deal, more than 350 Shell Oil employees will continue to work in the company, which is now owned by Lukoil,” Director of Shell’s downstream segment, Huibert Vigeveno, said.

The Federal Anty-monopoly Service of Russia has previously approved the deal with a number of conditions. One of the requirements of the service was the regular sale of petroleum products on the stock exchange. Also, Lukoil should not purchase petroleum products on the stock exchange during the main trading session.

It is reminded that on February 28, 2022, Shell announced its withdrawal from all joint projects with the Russian Federation, including Nord Stream-2 and the Sakhalin-2 project for the production of liquefied natural gas. On March 8, 2022, the company announced its intention to begin phasing out Russian petroleum products, pipeline gas, and LNG.

Ru-Main, 26.05.2022
Source: TASS 

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