LUKFY - Shell sells Russian retail lubricants businesses to Lukoil

Shell (NYSE:SHEL) confirmed Thursday that it agreed to sell its downstream assets in Russia to Lukoil (OTCPK:LUKOY) for an undisclosed sum; the deal requires the approval of the country's anti-monopoly authorities. The deal includes 411 retail stations located mostly in the Central and Northwestern districts of Russia, as well as the Torzhok lubricants blending plant in the Tver region. Lukoil (OTCPK:LUKOY) said the acquisition fits its "strategy to develop its priority sales channels, including retail, as well as the lubricants business." Shell (SHEL) took a $3.89B impairment charge related to the planned exit from Russia, including ~15% tied to Shell Neft, against its Q1 earnings.

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Shell sells Russian retail, lubricants businesses to Lukoil