The acquisition will provide the Russian petroleum giant with an outlet into Finland's market of refined oil products. It expects to get additional earnings from the export of diesel with low sulfur content. That type of environmentally-friendly fuel is produced at a Perm refinery, with the annual output coming up to one million tons.
Teboil and Suomen Petrooli hold dominant positions on Finland's refined oil market. They lead as wholesalers of oil products and as producers and distributors of oils, operating 289 gasoline stations and 132 diesel points across the country.
LUKoil unveiled its plans to acquire the two Finnish companies in mid-February. The European Commission was notified about the planned deal, and it gave the go-ahead on March 18.
