The Finnish company Oy Teboil Ab, owned by the Russian Lukoil*, announced that it is preparing to close its operations. Teboil owns a network of gas stations with the same name in Finland.
Teboil said that cash sales stopped at all stations on the last day of October, and gas stations will close in stages as soon as fuel supplies are sold out.
The closure of the gas station is due to the fact that the United States imposed sanctions on October 22 against the two largest Russian oil companies, Rosneft and Lukoil, calling on Moscow to immediately agree to a cease-fire. On October 28, Lukoil published an official announcement that it would sell its foreign assets due to sanctions.
Before the publication of the closure of the gas station, Oy Teboil Ab clarified that it had purchased all fuel sold at the gas station from the Finnish manufacturer long before the outbreak of the war in Ukraine. Since the beginning of this war, the company has not paid dividends to shareholders.
*Lukoil is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting around 2% of the world’s oil production and around 1% of the proved hydrocarbon reserves.
