Lukoil to Buy Shell's Downstream Business in Russia
12 May 2022 - 7:44PM
Dow Jones News
By Jaime Llinares Taboada
Lukoil PJSC said Thursday that it has agreed to acquire Shell
PLC's downstream assets in Russia for an undisclosed sum.
The Russian oil company will be buying 411 retail stations
primarily located in the Central and Northwestern federal districts
of Russia, and a lubricants blending plant in the Tver region.
"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, Lukoil's vice president for refined products
sales.
Shell in March said that it was exiting its businesses in Russia
following the invasion of Ukraine.
Shares in Shell at 0909 GMT were down 2.5% at 2,257 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 12, 2022 05:29 ET (09:29 GMT)
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