Lukoil will rebrand over 400 Shell’s retail stations acquired last month as the Finnish Teboil, the oil major said in a statement on Tuesday.
"Following extensive discussions with the leaders and employees of Shell's filling station network in Russia, acquired by Lukoil last month, the decision was made to preserve the business as a separate subsidiary of the company. It will develop under Teboil brand - a fuel brand that had not previously been present in the Russian market. The brand belongs to Lukoil since 2005. The company has already embarked upon a step-by-step rebranding of the filling stations," the statement said.
Teboil filling stations will offer new branded types of innovative fuels, as well as its own loyalty program, integrated with Lukoil's one. Teboil Russia team will be led by the former head of Shell filling stations in Russia, Vitaly Maslov, Lukoil said.
The lubricants plant located in Russia’s Tver Region, which Shell also sold to Lukoil, will manufacture Teboil-branded products as well.
Teboil was founded in Finland in 1934, the Russian oil company said, adding that it is one of the largest Finnish fuel businesses. Russian customers know the brand as the supplier of lubricants. Their imports date back to the 1960s.
