Support Russia Insider - Go Ad-Free!

Russia's Lukoil sells 230 gas stations in Lithuania, Latvia and Poland

This is after selling 240 gas stations in Ukraine - hard to make business when you're demonized

MORE: Business

 Lukoil Europe Holdings BV, the subsidiary of the Russian oil major Lukoil, and Austrian AMIC Energy Management GmbH signed the contract on sale of nearly 230 gas stations in Lithuania, Latvia, and Poland, Lukoil said on Friday.

The deal will be closed in the second half of 2016 after getting approval from regulatory authorities of Lithuania, Latvia, and Poland. In April 2015 Lukoil already sold its 100% participation interest in its Ukrainian subsidiary having 240 gas stations and 6 oil depots to AMIC.

"The decision to sell the retail chain in Lithuania, Latvia and Poland was made within the framework of the program on optimization of Lukoil’s retail assets structure in Europe," the company said.

According to the agreement reached, gas station chains in Lithuania and Latvia will be managed by UAB Luktarna and AS VIADA Baltija affiliated with the management of UAB Lukoil Baltija.

It was reported earlier Lukoil listed its assets in Lithuania and Latvia for sale. The decision was made because of higher anti-Russian sentiments in these countries, President of the Russian oil major Vagit Alekperov said earlier.

Lukoil’s strategy does not address expansion in Europe in the coming years, Alekperov said.

Estonia’s Olerex purchased 100% of shares in Lukoil’s Estonian subsidiary Lukoil Eesti AS holding 37 gas stations in summer 2015.


Support Russia Insider - Go Ad-Free!
MORE: Business

Our commenting rules: You can say pretty much anything except the F word. If you are abusive, obscene, or a paid troll, we will ban you. Full statement from the Editor, Charles Bausman.