Shell has agreed to sell its retail and lubricants businesses in Russia to Lukoil, the first big deal in the oil and gas sector since most western companies pledged to leave the country following the invasion of Ukraine.
The sale of Shell Neft for an undisclosed sum, which is subject to regulatory approval by Russia’s anti-monopoly service, includes 411 petrol stations and a lubricants blending plant roughly 200km north-west of Moscow.
Huibert Vigeveno, head of the UK-listed group’s downstream business, said the wellbeing of employees had been Shell’s primary concern and that the deal would safeguard the jobs of more than 350 people.
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