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Finnish Oil Giant Teboil Curtails Operations as Fuel Stocks Dwindle
(MENAFN) Finnish petroleum corporation Teboil is drastically curtailing activities as fuel inventories evaporate following Washington's sanctions on its Russian parent entity Lukoil, media disclosed Friday.
"We are currently running down our fuel stocks, which means that some stations have already run out of certain fuel grades, and the number of such stations is rising daily," Toni Flyckt, Teboil's marketing and communications director, told media.
Fresh shipments have been suspended, he stated.
"It has been agreed that a limited portion of payment traffic will go through to partners, but the approval process is very slow," Flyckt added.
He further revealed efforts to detach retailer operations from Teboil enabling them to sustain business autonomously.
With Lukoil facing US sanctions, Teboil's fuel deliveries and payment processing have stalled. The enterprise has until Nov. 21, as corporations received flexibility through that deadline to sever connections to the fuel distribution network.
Washington recently enacted blocking sanctions on Lukoil and Rosneft, alongside 34 subsidiary companies, as components of President Donald Trump's latest measures targeting Russia's energy infrastructure.
"We are currently running down our fuel stocks, which means that some stations have already run out of certain fuel grades, and the number of such stations is rising daily," Toni Flyckt, Teboil's marketing and communications director, told media.
Fresh shipments have been suspended, he stated.
"It has been agreed that a limited portion of payment traffic will go through to partners, but the approval process is very slow," Flyckt added.
He further revealed efforts to detach retailer operations from Teboil enabling them to sustain business autonomously.
With Lukoil facing US sanctions, Teboil's fuel deliveries and payment processing have stalled. The enterprise has until Nov. 21, as corporations received flexibility through that deadline to sever connections to the fuel distribution network.
Washington recently enacted blocking sanctions on Lukoil and Rosneft, alongside 34 subsidiary companies, as components of President Donald Trump's latest measures targeting Russia's energy infrastructure.
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