Shell to sell service station business in Russia as part of withdrawal
The company’s press office stated that operations at its sites will be suspended in order to facilitate the sale of its more than 370 locations.
After confirming its withdrawal from Russia in response to the invasion of Ukraine, Shell is selling its whole service station business in the country. According to a recent statement from the company’s press office, the firm is in talks to proceed with the sale of its Shell Neft subsidiary.
“We can confirm the ongoing negotiations on the sale of Shell Neft, which owns a retail network and lubricants plant which is located in Torzhok. Our key priority is safety of our people and operations, maintaining employment and compliance with the Russian legislation,” reported the Transport Topics citing a statement from Shell’s press office.
In addition, Sergey Starodubtsev, Head of Shell Russia, stated that the oil firm’s retail sites and lubricants plant operations will be temporarily suspended in the coming days “to facilitate the sale of Shell Neft to a new owner". According to the company's official website, its network is composed of more than 370 branded sites in 28 Russian cities.
Last week, Forbes reported that Lukoil PJSC is the most likely buyer to acquire Shell’s retail stations, information provided by an unidentified person from the Russian subsidiary of the multinational company. The news broke out in the same week that the London-based company took a $3.89 billion impairment charge due to its exit from Russia, roughly 15% of it related to Shell Neft.
