Lukoil's Finnish subsidiary has oil supply problems and will be restructured

The Finnish petrol station chain Teboil, owned by the Russian company Lukoil, filed for a corporate-wide restructuring on Friday. The United States imposed sanctions on Lukoil last month, hitting its foreign operations hard.

As recently as Wednesday, Teboil announced preparations to close all its gas stations as it runs out of fuel supplies. Earlier in the week, Teboil's operational structure anticipated that Lukoil would soon sell the network.

Lukoil's Finnish division also announced an inability to supply oil due to force majeure, as the supplier cancelled plans to produce oil from the North Kvurna 2 field, reportedly due to payment problems in Iraq.

Teboil operates about 430 service stations in Finland, accounting for a fifth of the market.

(reuters, sie)