May 12, 2022

Shell agrees to sell Russian retail business to Lukoil

Energy giant Shell has agreed to sell more than 400 of its petrol stations in Russia to the country's second largest oil producer, Lukoil. Shell announced in February that it would sell its Russian assets because of the invasion of Ukraine. The firm said pulling out of Russian deals which include the sale of its stakes in all joint business ventures with Russian state energy firm Gazprom, had cost it $3.9bn."Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business," said Huibert Vigeveno, Shell's downstream director. 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." Despite widespread sanctions and many countries reducing their reliance on Russian oil, the country has almost doubled its monthly earnings from selling fossil fuels to the EU, according to the Centre for Research on Energy and Clean Air.The EU has imported about €22bn of fossil fuels per month from Russia since the start of the war as oil and gas prices have soared, compared with an average of about €12bn a month in 2021..

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