Shell signs

Shell signs an agreement to sell Russian retail and lubricants business

Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc – have signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL. WEBWIRE – Friday, May 13, 2022 The deal includes 411 retail stations, mainly located in the Central and Northwestern…

Shell Overseas Investments B.V., and B.V. Dordtsche Petroleum Maatschappij have entered into an agreement to sell Shell Neft LLC to PJSC LUKOIL. This LLC owns Shells Russian retail and lubricants business.


The deal includes 411 retail stations, mainly located in the Central and Northwestern regions of Russia, and the Torzhok lubricants blending plant, around 200 kilometres north-west of Moscow.

Our priority is the well-being and health of our employees, stated Huibert Vigeveno (Shells Downstream Director). Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business.

The acquisition by Shell of high-quality Russian businesses fits in well with LUKOILs strategy for developing its priority sales channels including retail and lubricants, stated Maxim Donde (LUKOILs Vice President, Refined Products Sales).

The agreement with LUKOIL comes after Shell announced in March that it would withdraw from all Russian hydrocarbons in a gradual manner. It will be done in compliance with all applicable laws and regulations.

The sale of is expected to close later in the year, subject approval from regulatory authorities.


  • LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, LUKOIL currently operates globally with core upstream assets located in Russia. The entire production cycle covers oil and gas exploration, production, refining, production of petrochemicals/lubricants, power generation, marketing and distribution.
  • On March 8, 2022, Shell announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner.
  • Shell Neft LLC is wholly owned by Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij.
  • Shell Nefts retail network consists of 240 sites owned by Shell, 171 sites owned by dealers (and 19 Trademark License Agreement sites which are out of the scope of this transaction with LUKOIL).

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. Shell, Shell Group and Group may be used in this press release to refer to Shell plc or its subsidiaries. Shell plc, its subsidiaries, and those who work for them are also referred to by the terms we, us, and our. These terms can also be used if the entity or entities are not being identified. As used in this press release, subsidiaries and Shell subsidiaries are entities that Shell plc has direct or indirect control. Joint ventures and joint operations are the terms used to refer to entities and unincorporated arrangements that Shell has joint control over. Joint arrangements are collectively known as joint ventures and joint operation. Associates are entities over which Shell exerts significant influence, but not control or joint control. Shell interest is used to denote Shell’s direct and/or indirectly owned interest in an entity or unincorporated joint agreement. All third-party interests are excluded.

Forward-Looking Statements

This press release contains forward-looking information (within U.S. meaning). Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. Forward-looking statements include statements that are not historical facts. Forward-looking statements refer to statements that reflect management’s future expectations. They are based upon management’s current expectations and assumptions. There are known and unknown risks that can cause actual results, performance, or events to differ materially. Statements regarding the potential exposure of Shell market risks, as well statements expressing management’s beliefs, estimates and forecasts, projections, and assumptions, are examples of forward-looking statements. These statements can be identified by the use of words and phrases like aim, ambitions, believe, could and estimate, goals, may, milestones and objectives, outlook, plan and project, risks and schedules, as well as statements expressing management’s beliefs, estimates, forecasts, projections and assumptions. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shells products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the appro

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