Teboil closes filling stations in Finland due to US sanctions against Lukoil

The Finnish company Teboil, owned by the Russian oil company Lukoil, has announced its intention to close all its gas stations in Finland due to the depletion of fuel reserves amid US sanctions. The company said in a statement that the stations will be closed in stages, but no specific timeframe has been set. Teboil's network currently includes 430 stations, which is about five percent of all gas stations in the country.

Source Minfin

At the same time, Teboil has warned of possible serious disruptions in Finland's energy infrastructure, as the stations employ about 1,200 people. The Finnish government has already confirmed that Teboil will not process fuel on the local market, but will mainly sell products manufactured by Neste. It is noted that consumers can easily find alternative gas stations.

The sanctions imposed by the US in response to Russia's military actions in Ukraine have also affected other assets of Lukoil. The latter is seeking to sell its non-Russian assets, including the Teboil chain. The current situation reveals risks not only for Teboil's operations, but also for their plant in Khamyn, which could lead to additional job losses.