Tuesday, February 7, 2023
Rainbow Radio
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
No Result
View All Result
Rainbow Radio Online
Home Business

Shell agrees to sell Russian retail business to Lukoil

May 12, 2022

Energy giant Shell has agreed to sell more than 400 of its petrol stations in Russia to the country’s second largest oil producer, Lukoil.

Shell Neft, the firm’s subsidiary in Russia, will be sold for an undisclosed sum.

RelatedPosts

Claims by GRA that we’re evading taxes and Rambo-style arrests of managers are regrettable – Maxmart

The law will deal with you ruthlessly if you evade taxes – GRA to business owners

Five branch managers of Koala, Max Mart and The Palace Mall arrested over alleged tax breaches

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

Shell said the deal, which includes 411 petrol stations, will protect 350 jobs.

The sale also includes a lubricants blending plant around 200km north-west of Moscow. Lukoil is Russia’s largest oil producer after state-backed Rosneft.

Shell announced in February that it would sell its Russian assets because of the invasion of Ukraine.

Earlier this month, it reported record quarterly profits as energy firms continue to benefit from surging oil and gas prices.

In the first three months of this year, Shell made $9.13bn (£7.3bn) – nearly triple its $3.2bn profit it announced for the same period last year.

But the firm said pulling out of Russian deals, which include the sale of its stakes in all joint business ventures with Russian state energy firm Gazprom, had cost it $3.9bn (£3.1bn).

“Under this deal, more than 350 people currently employed by Shell Neft will transfer to the new owner of this business,” said Huibert Vigeveno, Shell’s downstream director.

Maxim Donde, Lukoil’s vice president for refined products sales, said: “The acquisition of Shell’s high-quality businesses in Russia fits well into Lukoil’s strategy to develop its priority sales channels, including retail, as well as the lubricants business.”

When the conflict in Ukraine broke out, energy firms came under immediate pressure as countries announced bans and curbs on Russian oil and gas in the weeks following the invasion.

BP owns a large stake in Russian energy giant Rosneft, but within days of the war starting it had announced the operation would be hived off.

It was closely followed by pledges from Shell, ExxonMobil and Equinor to cut their Russian investments following pressure from shareholders, as well as from governments and the public.

Total Energies, another big player in Russia, has said it will not fund new projects in the country, but unlike its peers does not plan to sell existing investments.

Russia is the world’s third biggest producer, after the US and Saudi Arabia.

Despite widespread sanctions and many countries reducing their reliance on Russian oil, the country has almost doubled its monthly earnings from selling fossil fuels to the EU, according to the Centre for Research on Energy and Clean Air.

The EU has imported about €22bn (£19bn) of fossil fuels per month from Russia since the start of the war as oil and gas prices have soared, compared with an average of about €12bn (£10.2bn) a month in 2021.

Multinational firms that announced reductions in their business activities in Russia have begun reporting associated losses.

The Lukoil deal is one of the earliest in which a Western firm, UK-listed Shell, has been able to sell off its Russian assets. The sale is still subject to regulatory approval by Russia’s anti-monopoly service.

Source: BBC

ShareTweetShareShare

Related Posts

FB_IMG_1675749417340

Claims by GRA that we’re evading taxes and Rambo-style arrests of managers are regrettable – Maxmart

February 7, 2023
GRAA

The law will deal with you ruthlessly if you evade taxes – GRA to business owners

February 2, 2023
Screenshot_20230202-133932

Five branch managers of Koala, Max Mart and The Palace Mall arrested over alleged tax breaches

February 2, 2023
1517931856-18-porkland

Importation of pork from the USA will collapse Ghana’s poultry industry – Association

February 1, 2023
GRAA

Managers of Max Mart, Palace Mall, Second Cup Coffee arrested for bypassing E-VAT System

January 31, 2023
Ken-Ofori-atta-1-600x375

Deadline for debt exchange programme extended to Feb 14 with revised terms

January 31, 2023

Recent News

1zzz

We’II start prosecuting traders selling on the streets – Ga West MCE warns

February 7, 2023
Clement-Wilkinson-644x375

Work on Pokuase-Mayira and other adjoining roads to begin next week – MCE

February 7, 2023
Atsu-rescued-1140x570

Turkey Earthquake: Christian Atsu pulled alive from rubble

February 7, 2023
LEQ

Turkey earthquake: Heavy rain hampers rescue efforts

February 7, 2023
  • Trending
  • Comments
  • Latest
qz

The appreciation of the cedi against the dollar will be short-lived so don’t over jubilate – Haruna to gov’t

December 17, 2022
z455

Bui Power Authority calls for partnership to do more on climate change program at COP27

November 22, 2022

Rainbow Radio expands its platform presence on 92.4Fm in UK

September 5, 2022
zz

Family of Asuma Banda calls on Prez, Mahama, Chief Imam to intervene so their brother is sent to Kintampo

December 7, 2022

Hello world!

1zzz

We’II start prosecuting traders selling on the streets – Ga West MCE warns

travel4

Washington prepares for Donald Trump’s big moment

travel1

CS:GO ELeague Major pools and tournament schedule announced

1zzz

We’II start prosecuting traders selling on the streets – Ga West MCE warns

February 7, 2023
Clement-Wilkinson-644x375

Work on Pokuase-Mayira and other adjoining roads to begin next week – MCE

February 7, 2023
Atsu-rescued-1140x570

Turkey Earthquake: Christian Atsu pulled alive from rubble

February 7, 2023
LEQ

Turkey earthquake: Heavy rain hampers rescue efforts

February 7, 2023

Stay Connected test

  • 121 Followers
  • 20.2k Followers
  • 185k Subscribers
  • 23.7k Followers
  • 99 Subscribers
Rainbow Radio Online

© 2022 Rainbow Radio International

Navigate Site

  • General News
  • World
  • Sports
  • Business
  • Entertainment
  • Politics
  • Health
  • Opinion
  • Economy
  • Odd News
  • Culture
  • Lifestyle
  • Lifestyle
  • Governance
  • Technology

Follow Us

No Result
View All Result

© 2022 Rainbow Radio International

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version