Finnish oil firm Teboil changes hands as Lukoil sells assets to Gunvor

By Melike Pala

BRUSSELS (AA)—Finnish oil company Teboil confirmed that it will be sold to the multinational Gunvor Group, transferring ownership from Russia's Lukoil, local media reported on Thursday.

According to Finnish daily Ilta-Sanomat, Teboil announced the change of ownership in a letter to its stakeholders, stating that the transfer will take place following Lukoil’s decision to sell its international holdings to Gunvor due to sanctions imposed on the Russian oil company.

Teboil said in the letter that it "will take all reasonable steps to fulfill its obligations," which have been delayed due to sanctions-related restrictions, the report said.

Washington recently imposed blocking sanctions on Lukoil and Rosneft, along with 34 of their subsidiaries, as part of President Donald Trump’s new measures targeting Russia’s energy sector.

The UK government also placed Lukoil on its sanctions list in mid-October.

Lukoil’s market value dropped sharply last week, erasing nearly $3.7 billion after the sanctions announcement. Analysts warned the restrictions could further weaken Russia’s energy exports and increase pressure on logistics and pricing.