7 Jun 2022 10:43

Lukoil to develop network of Shell filling stations in Russia under Finnish brand Teboil

MOSCOW. June 7 (Interfax) - Lukoil plans to develop the network of Shell (SPB: RDS.A) filling stations in Russia under the Finnish Teboil brand, the company said in a press release.

"Following discussions with management and employees of the network of Shell filling stations in Russia that Lukoil acquired in May 2022, it has been decided to maintain the enterprise as a separate subsidiary of the company to be developed under a new fuel brand for Russia, Teboil, which Lukoil has owned since 2005," according to the press release.

Lukoil has already started a phased rebranding of the filling stations, for which new branded types of innovative fuel are to be developed, and an own-loyalty program is to be integrated with Lukoil's current program. Vitaly Maslov, former head of the network of Shell filling stations, will continue to lead the Teboil team in Russia.

The lubricants plant in the Tver Region, of which Lukoil has assumed ownership as part of the deal with Shell, will also process products under the Teboil brand.

Teboil was founded in Finland in 1934.