Lukoil’s Finnish subsidiary to shut down fuel stations

Teboil, Finnish subsidiary of Russian energy company Lukoil, announced Wednesday that its fuel stations across Finland will be closed.

In a written statement, Teboil said the decision followed a downsizing plan concerning the company’s operations in Finland.

The company noted that its fuel stations will be closed gradually as fuel stocks run out, adding that unauthorized access to the sites has also been prohibited.

– Sale move after US sanctions

On Oct. 23, US President Donald Trump placed Lukoil, Russia’s second-largest oil producer, and its subsidiaries on the sanctions list, citing a “lack of serious commitment” in the peace process aimed at ending the war in Ukraine.

Lukoil, which accounts for about 2% of global oil output, announced on Oct. 27 that it would sell its international assets following the sanctions decision.

The company later said on Oct. 30 that it had reached a deal with Gunvor for the sale.

However, US Treasury Department said it would not grant Gunvor a license for the transaction, leading the company to withdraw its offer.

In its latest statement issued on Nov. 14, Lukoil said it was in talks with “several potential buyers” for its international assets and would share further details once final agreements are reached.

• Russian energy company Lukoil
• Teboil