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Lukoil to acquire 100% of Shell Oil - company

20 May 2022 07:26 (UTC +04:00)

Lukoil is to buy 100% of Shell Neft, which owns gas stations and a Shell lubricants plant in Russia, the company told TASS, APA reports.

Earlier, the Federal Antimonopoly Service announced that it had approved Lukoil's application to buy 99.99% of Shell Neft.

"Lukoil acquires 100% of Shell Oil. In order to comply with the legislation of the Russian Federation, after the deal is closed, 0.01% will belong to the company's subsidiary," a company representative explained.

One of the requirements of the Federal Antimonopoly Service is the regular sale of oil products on the stock exchange. Besides that, Lukoil should not purchase oil products on the stock exchange during the main trading session.

Shell Neft owns 411 Shell gas stations and a lubricants plant in the city of Torzhok, Tver Region. Shell has already started closing gas stations. It is assumed that their rebranding will be carried out within a year after the transaction is closed.