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Shell offers Russian retail organization to Lukoil


May 12, 2022

The Shell logo design is seen at a Shell fuel station in London. REUTERS/Toby Melville

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Might 12 (Reuters) – Russia’s second-largest oil manufacturer Lukoil ( LKOH.MM) will purchase Shell’s ( SHEL.L) Russian retail and lubes companies, the business stated on Thursday, as the British oil significant relocations ahead with its exit from the nation following its Ukraine intrusion.

The offer consists of 411 retail stations, primarily situated in the Central and Northwestern areas of Russia, and the Torzhok lubes mixing plant, Shell stated in a declaration.

Shell would not talk about the worth of the offer, which still needs the approval of Russia’s anti-monopoly authorities. learnt more

” Under this offer, more than 350 individuals presently used by Shell Neft will move to the brand-new owner of this organization,” Shell stated.

Shell has actually made a note of $3.9 billion post-tax after it took out of its Russian operations, consisting of the big Sakhalin 2 LNG plant in which it holds a 27.5% stake and which is run by Gazprom. learnt more

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Reporting by Yadarisa Shabong in Bengaluru; Modifying by Rashmi Aich

Our Standards: The Thomson Reuters Trust Concepts.

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