LUKFY - Shell in talks to sell Russia retail business as part of exit plan

Shell (NYSE:SHEL) said Friday it is in talks to sell its network of fuel stations and lubricant plant in Russia, as it moves ahead with plans to exit the country following the invasion of Ukraine. Ahead of the possible sale, Shell has suspended operations at its filling stations and the Torzhok lubricant plant, Sergey Starodubtsev, the company's head in Russia said, according to Bloomberg. Russian oil producer Lukoil (OTCPK:LUKOY), which has its own retail network, is the most likely buyer, Forbes reported. Shell's retail network in Russia includes more than 370 branded sites in 28 cities. Shell took a $3.89B impairment charge related to the planned exit from Russia, including ~15% tied to Shell Neft.

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Shell in talks to sell Russia retail business as part of exit plan