Shell has announced it has completed the sale of its Russian retail stations and lubricants business to PJSC LUKOIL.

LUKOIL is considered the second-largest producer of crude oil in Russia.

The deal, which was first announced earlier this month, includes 411 retail stations, mainly located in the Central and Northwestern regions of Russia and the Torzhok lubricants blending plant, around 200 kilometres north-west of Moscow.

The company said: “The transaction is part of Shell’s wider withdrawal from all Russian hydrocarbons which is being conducted in a phased manner.”