Shell has decided to sell its retail and lubricants businesses in Russia to the multinational oil giant, Lukoil. It is going to be the first massive deal in the oil and gas industry since the majority of western companies have sought to leave the country after the Russian invasion of Ukraine.
Shell Neft is the subsidiary firm in Russia that will be sold for an unrevealed sum. The sale is still subject to regulatory consent by the anti-monopoly rule in Russia. The deal includes 411 petrol stations and a lubricants mixing plant located 200 km northwest of Moscow.
Earlier in February, Shell Russia already announced selling their Russian businesses due to the Russian invasion of Ukraine.
