STOCKHOLM (Reuters) -Finnish fuel chain Teboil, which is owned by Russian oil major Lukoil, filed for corporate restructuring on Friday, news agency STT reported, citing a court filing.
The United States last month hit Lukoil with sanctions over Moscow’s war in Ukraine, disrupting the company’s international business.
Teboil had on Wednesday said it was preparing to shut down all its stations as fuel runs out. Earlier in the week it had said it expected Lukoil to sell the chain. It was the first of Lukoil’s international businesses to say it would close down as a result of the sanctions.
Elsewhere, Lukoil has declared force majeure at its West Qurna 2 oilfield after Iraq halted all cash and crude payments, while a contractor working for Lukoil cancelled plans to drill for petroleum off Romania, and Bulgaria prepared to take over a Lukoil refinery.
Teboil has 430 petrol stations in Finland, according to its website – roughly a fifth of stations in the country, according to a 2024 report by an industry group.
Teboil could not immediately be reached for comment.
(Reporting by Anna Ringstrom, editing by Terje Solsvik and Louise Heavens)
