Shell PLC has agreed to sell its Russian retail-station and lubricants business to oil giant Lukoil the latest Western company to find a local buyer for its planned Russia exit.
The deal for the business, called Shell Neft LLC, includes 411 retail stations in Russia and a lubricants-blending plant near Moscow. Shell, which didn’t disclose a deal value, said Thursday the agreement was expected to preserve 350 Shell employees’ jobs in Russia. It said last week that its Russian marketing business, which includes assets in the Lukoil deal, were valued at about $600 million.
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This post first appeared on wsj.com
