LONDON (ShareCast) - (Sharecast News) - Shell has agreed to sell its retail and lubricants businesses in Russia - Shell Neft - to Lukoil for an undisclosed sum.
The deal includes 411 retail stations, mainly in the Central and Northwestern regions of Russia, and the Torzhok lubricants blending plant, around 200 kilometres north-west of Moscow.

Huibert Vigeveno, Shell's Downstream Director, said: "Our priority is the wellbeing of our employees.

"Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business."

Maxim Donde, Lukoil's Vice President for Refined Products Sales, said: "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."

The sale is expected to complete later this year, subject to regulatory approval.

Shell announced in early March that it was planning to withdraw from all Russian hydrocarbons in a phased manner.

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