According to the statement, Russia’s largest private oil company and its largest oil producer negotiated with Shell to acquire a 100% stake in Shell Neft, which retails hydrocarbon derivatives and produces lubricants in Russia.
On the deal, the Russian company’s vice president for Refined Products Sales, Maxim Donde, said the acquisition of Shell’s high-quality business in Russia fits well with Lukoil’s strategy to develop its priority sales channels, including retail, as well as the lubricants business.
Shell Neft owns a large share of gas stations in the central and northwestern federal districts of the Eurasian nation, a lubricants production plant in Russia’s Tver region.
The transaction will be completed after approval by Russia’s Federal Antimonopoly Service, the note said , which did not state the amount of the deal.
On April 7, Shell declared that it would suspend its operations in this country in response to the Russian military operation in Ukraine. According to experts, the decision will cost between four and five billion dollars.
Lukoil is the second largest company in the world, next to ExxonMobil, in terms of crude oil reserves.