Shell Russia sells over 400 petrol stations to oil rival

Published

2 years ago

May 13, 2022

Brittany Coles

Energy giant Shell has agreed to sell more than 400 of its petrol stations in Russia

The lucky buyer of the stations is the country’s second largest oil producer, Lukoil

Shell in Russia will be sold for an undisclosed sum.

Many Western oil and gas firms have been looking to offload their Russian businesses following the country’s invasion of Ukraine.

Shell says be selling 411 petrol stations, it will protect 350 jobs

This comes as no surprise, as back in February, shell said it would sell its Russian assets because of the invasion of Ukraine.

Energy firms continue to benefit from surging oil and gas prices.

In the first three months of this year, Shell made just over $9 billion – nearly triple its $3 billion profit it announced for the same period last year.

But the firm said pulling out of Russian deals, had cost it almost $4 billion.

Related Topics:Business Politics russia shell trending ukraine

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