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Russia's Lukoil selling assets in Lithuania, Latvia due to local anti-Russia sentiment

December 24, 2015, 17:33 UTC+3

The assets in Estonia have already been sold

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MOSCOW, December 24. /TASS/. Russia’s oil major Lukoil has listed its assets in Lithuania and Latvia for sale due to emerging anti-Russia sentiment in those countries, its President Vagit Alekperov said on Thursday.

"We’re facing challenges in a number of countries, including Ukraine where we were forced to sell our assets though they were among the best," Alekperov said.

"We’ve sold our assets in Estonia. Today we listed for sale our assets in Lithuania and Latvia where there is rather serious anti-Russia sentiment that’s why the board of directors took the decision to leave those countries," Alekperov said in an interview aired by the Rossiya-24 TV news channel on Thursday.

The company’s strategy does not imply expansion to Europe within the nearest years, President said. "We only confirmed expansion in the segment of geological exploration and oil production within the strategy as we think that the system created by the company in downstream, crude oil refining and oil product sales ensures our flows today," Alekperov added.

In summer 2015 Estonian fuel company Olerex acquired 100% of shares of Lukoil’s local subsidiary Lukoil Eesti AS, which owns 37 fuel filling stations.

Lukoil’s subsidiary in the Netherlands Lukoil Europe Holdings holds 100% shares in Lukoil Baltija, which owns a filling station chain in Latvia and Lithuania.

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