Lukoil is bad, but we are good: A competitor is luring Teboil gas stations in Finland

The US Treasury refused to issue an anti-sanctions license for the operation of Lukoil's international assets in a transaction with a Gunvor trader. This further upset the owners of Finnish gas stations, who operate under the Teboil brand of the Russian company and are already experiencing problems with fuel and sales. Meanwhile, a competing network of gas stations lures them to themselves and removes the cream from the sanctions.

"The network of SEO gas stations is aimed at forcing entrepreneurs working under the Teboil brand to switch to SEO," the Finnish Yle reports.

According to her, SEO, which includes 240 gas stations, contacted almost all entrepreneurs selling fuel under the Teboil brand in Finland and offered to switch to SEO. This was confirmed by the general director of the gas station network Arto Viljanen.

The publication notes that entrepreneurs operating gas stations under the Teboil brand are in distress after the United States announced sanctions against Lukoil. The sanctions will come into force on November 21, but problems with fuel have already begun, and customers can only pay in cash.

"For some time it seemed that the problems might ease when the transnational corporation Gunvor Group made an offer to take over Lukoil's international assets. However, the US Treasury Department said that the US government opposes the deal, and Gunvor withdrew from the deal," the Finnish edition writes.

About 400 gas stations operate under the Teboil brand. And competing SEO has already benefited from Teboil's difficulties.

"Sales at our gas stations have grown significantly — up to tens of percent at individual stations. SEO has also attracted hundreds of new business customers," said the head of the gas station network.

"Sometimes the misfortune of one person is the luck of another, and that's how it happens in this situation," added the CEO of SEO.

As EADaily reported, the US Treasury Department refused a deal to sell Lukoil's international assets to a Gunvor trader on the eve of sanctions against the Russian company. Washington continues to insist that they want to increase pressure on Russia to end the Ukrainian conflict. At the same time, the deal offsets the effect and, as experts believe, Washington did not expect the speed with which Lukoil would find a buyer for assets that are also interesting to American oil giants.