25 May 2022 11:12

Lukoil closes deal to acquire Shell's downstream assets in Russia

MOSCOW. May 25 (Interfax) - Lukoil has signed the final documents as part of the deal to acquire the downstream assets of Shell (SPB: RDS.A) in Russia, including a network of filling stations located mainly in the Central and Northwest federal districts, as well as a lubricants production plant in the Tver Region, the Russian oil company said in a press release.

"This was preceded by obtaining approval of the deal from the Federal Anti-monopoly Service (FAS)," Lukoil said.

"The well-being of our employees is extremely important to us. In accordance with the terms of the deal, more than 350 Shell Neft employees will continue working for the company now owned by Lukoil," Huibert Vigeveno, downstream director for Shell PLC, said in the press release.

"We highly appreciate that the choice was made in favor of our company. I am certain that Shell's facilities will be a good addition to Lukoil's portfolio of existing assets," Maxim Donde, CEO of Lukoil Lubricants Company, said.

Shell's assets include 411 gasoline filling stations, as well as a lubricants production plant in Torzhok.