Finnish electricity firm stops buying fuel from Russian-owned Teboil

Tampere based Finnish electricity company Tampereen sähkölaitos on Tuesday announced that it stopped purchasing petroleum product from Russian-owned petroleum company Teboil from Monday, said the company in a press release.

The company took the decision against the backdrop of widespread criticism of helping to fund Russia to attack Ukraine by buying fuel oil from Teboil.

The company provides district heating to the city, replenished its oil reserves for the upcoming winter sensing the need for using oil instead of liquid natural gas (LNG) to avoid possible supply shortage following termination of LNG deliveries from Russia.

“The company made a miscalculation when purchased oil from Teboil and we have taken immediate measures to correct the matter," said company board chairman Marjut Ontronen in a statement.

He pointed out that the decision for buying oil was taken considering the risk management and security supply.

“ Delivery contract with Teboil has been terminated now and we will no longer receive oil from Teboil. We are trying to get replacement contracts within this week," said Jussi Laitinen, Chief Executive Officer of Tampereen sähkölaitos.

The combined share of natural gas and oil as energy sources for the company´s district heating was 27.6 percent last year.

During the summer, the company mainly uses renewable energy and mixed waste as energy sources.