aA
US energy company Chevron, which last year withdrew its bid for a shale gas exploration license in Lithuania, has shut down its office in Vilnius and sold its shares in the oil company LL Investicijos, the news portal vz.lt reports.
Chevron
Chevron
© AFP/Scanpix

Chevron completed its exit last week, the portal said citing sources.

The Centre of Registers shall be notified thereof within a month and no official announcements have been made thus far.

According to the sources, Chevron had nothing left to do in Lithuania after its withdrawal from the tender last fall.

“The government stressed repeatedly that it would arrange everything very soon – the entire legal framework, taxes, and everything would be clear. However, almost a year has passed and nothing has been done. It’s like a blow, to which Chevron made its other cheek ready in fall,” sources said.

The shale gas exploration tender was cancelled last fall. Later the authorities said that the tender would be reissued in spring or summer. However, this has not yet been done as the politicians still fail to agree on the taxation scheme for these nstural resources.

Following more than half a year of discussions among politicians, scientists and local communities, in mid-September the Environment Ministry recommended that the government name Chevron, the sole bidder, the winner of the tender.

However, in October the US company said that it was pulling out of the tender due to material changes in the Lithuanian tax, legal and regulatory environment.

In October 2012, Chevron Global Energy, which is part of Chevron group, acquired 50 percent of shares in LL Investicijos from the Lithuanian company Tan Oil in a deal worth 57.885 million litas (EUR 16.78m).

LL Investicijos holds a license to explore for and produce hydrocarbons in the license block of Rietavas.

Chevron sells stake in LL Investicijos back to Tan Oil

Chevron has sold its stake in LL Investicijos back to Tan Oil, another shareholder of the Lithuanian oil company.

Kristina Paukštytė-Brazdauskienė, spokeswoman for LL Investicijos, confirmed to BNS that the transaction took place last week.

She added that she could not provide any details about the deal or about the reasons for Chevron’s exit from Lithuania.

Chevron has also announced on its website that it has sold its 50-percent shareholding in LL Investicijos and shut down its office in Vilnius.

Denmark’s Jylland Olie, which is related with Denmark’s Odin Energi, the owner of a 50-percent stake in Lithuania’s oil production company Minijos Nafta, and Serenus, a company fully owned by Antanas Vainauskas, one of LL Investicijos’ co-founders, hold a 50-percent stake in Tan Oil each.

Tan Oil holds a license for oil prospecting and production in the block of Raseiniai, which is located in the municipalities of Raseiniai, Jurbarkas and Kelmė.

BNS
Naujienų agentūros BNS informaciją skelbti, cituoti ar kitaip atgaminti visuomenės informavimo priemonėse bei interneto tinklalapiuose be raštiško UAB "BNS" sutikimo neleidžiama.
|Populiariausi straipsniai ir video

Lithuania's Devold says could make 100,000 medical coveralls by late summer

Norwegian-owned Lithuanian textile manufacturer Devold says it could producer around 100,000...

Tax revenue 15 percent short of target in March

The Lithuanian central government's tax revenue fell around 15 percent short of the target in March,...

Avia Solutions Group bought Bluebird Nordic

On the 24th of January 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the...

GetJet Airlines set to lay off 370 employees

Lithuania's wet-lease and charter services provider GetJet Airlines has given lay-off notices to 370...

Avalanche of ideas developed in 'Hack the Crisis' hackathon

One of the most important tasks for hackathon organizers was to identify the most pressing issues,...

Top news

President signs into law tougher penalties for breaking quarantine rules

Lithuanian President Gitanas Nauseda has signed into law a legislative package introducing tougher...

811 coronavirus cases in Lithuania

On Sunday morning, there were 811 COVID-19 cases in Lithuania. 10 deaths related to the novel...

Lithuania's Devold says could make 100,000 medical coveralls by late summer

Norwegian-owned Lithuanian textile manufacturer Devold says it could producer around 100,000...

10th coronavirus death reported

Another patient infected with COVID-19 died in Lithuania on Saturday, bringing the country's death...

Lithuania no longer allows cars from Russia, Belarus to enter

A ban for passenger cars to enter Lithuania from Belarus and Russia have come into force on...

|Maža didelių žinių kaina