Russian energy giant, LUKOIL, says it has agreed with subsidiaries of Shell plc to acquire a 100 per cent share in Shell Neft, which conducts retail petroleum products sales and lubricants production in Russia.

The assets of Shell Neft include 411 retail stations, primarily located in the Central and Northwestern federal districts of Russia, and a lubricant blending plant located in the Tver Region.

In a statement, the oil firm said the sale would be completed after its approval by Federal Antimonopoly Service.

“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,”  Maxim Donde, LUKOIL’s Vice President for Refined Products Sales said.

“Our priority is the well-being of our employees,” Huibert Vigevano, Shell’s Downstream Director stated.

“Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business,” he concluded.

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