(CercleFinance.com) – Shell announces that its subsidiaries Shell Overseas Investments BV and BV Dordtsche Petroleum Maatschappij have finalized the sale of Shell Neft LLC, Shell’s service station and lubricants business in Russia, to PJSC LUKOIL, after the obtaining all regulatory approvals.
The sale agreement was announced on May 12, 2022. All of the people currently working for Shell Neft, more than 350 in total, will remain employed by Shell Neft, which is now owned by LUKOIL.
The transaction is part of Shell’s broader withdrawal from all Russian hydrocarbons which is taking place in a phased manner, as announced in early March. The sale was made in full compliance with all applicable laws and regulations.
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