Lukoil is selling around 240 gas stations in Lithuania, Latvia and Poland to AMIC Energy Management. The price was not disclosed, but the deal is expected to close in the second quarter of this year. Russia’s second largest oil company said the sale is part of its “program to optimize Lukoil’s retail asset structure in Eastern Europe.” The company’s CEO Vagit Alekperov, announced at the end of last year that the company would leave the Baltic region because of the rising “anti-Russian sentiment.” Alekperov said Lukoil “began to lose money and felt a negative attitude towards us.”
The stations in Lithuania and Latvia will continue to operate under the Lukoil brand for five years, while the ones in Poland are expected to be rebranded later this year. The company sold its Estonian subsidiary, Lukoil Eesti, in June 2015. Since 2014, the company has sold is gas stations in the Czech Republic, Slovakia, Hungary and Ukraine.
