The Greek fuel company Jetoil (Cetracore-Jetoil SA) is suspending its operations following a sudden decision by its Board of Directors. The company attributes this drastic measure to sanctions imposed on its management personnel due to alleged ties with Russia.
According to reports by SKAI, the company announced that it is halting all operational activities—ranging from accounting to fuel deliveries—effective immediately.
The immediate consequence of this decision is the emergence of severe disruptions in fuel deliveries and other contractual services, as reported by the company’s partners.
Background on Cetracore-Jetoil SA and its history
The modern entity, Cetracore-Jetoil SA, began its operations in Greece in March 2018, when the Austrian firm Cetracore Energy GmbH acquired the Jetoil brand and assets.
Jetoil itself is a historic Greek company and was originally established in 1968 as a purely Greek entity.
For several decades, it was a dominant player in the petroleum market and was recognized as the first private Greek company involved in the trading of petroleum products.
The company was founded by Kyriakos Mamidakis, who tragically passed away in 2016. His death occurred shortly after the company filed for protection under Article 99 of Greek law (a statute pertaining to troubled businesses).
Background on sanctions and Russian ties
Cetracore Energy GmbH, the Austrian company that acquired Jetoil, has previously been reported by international media to have management and ownership links to Lukoil, one of Russia’s largest energy companies.
While the specific sanctions and the individuals affected have not been immediately detailed by the company or Greek media, the current economic and geopolitical environment means that sanctions related to the conflict in Ukraine—and specifically those targeting individuals or entities connected to the Russian state or energy sector—are the likely cause of the operational freeze.
These measures typically target the ability of affected individuals/companies to access international banking, finance, and trade systems, making operations virtually impossible.
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