LUKOY PJSC Lukoil (CE)

By Jaime Llinares Taboada

Shell PLC said Wednesday that it has completed the disposal of its downstream business in Russia.

The FTSE 100 energy major has received all necessary regulatory approvals for the sale of 411 retail stations and a lubricants blending plant to Lukoil PJSC, Russia's second largest oil producer.

The companies didn't disclose the value of the deal.

The sale is part of Shell's wider withdrawal from Russia following the invasion of Ukraine. The company said this is being conducted in a phased manner. On March 8 Shell said it would stop all spot purchases of Russian crude oil and that it would shut its service stations, fuels and lubricants operations in the country.

Previously, Shell had announced that it would exit its partnerships with Russia's gas giant Gazprom PJSC, including the Nord Stream 2 pipeline.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

May 25, 2022 04:21 ET (08:21 GMT)

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