Lukoil to Buy Shell's Downstream Business in Russia

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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