The Russian oil company Lukoil has announced it is selling off its assets in Lithuania and Latvia, according to Interfax news agency.
Lukoil
© DELFI / Kiril Čachovskij

"Right now our assets are for sale in Lithuania and Latvia, where there is fairly serious anti-Russian sentiment. The board of directors has therefore decided to pull out of these countries," Lukoil president Vagit Alekperov told the Russian TV station Russia-24.

Lukoil, which is Russia's second-biggest oil producer, operates a network of 109 petrol stations in Lithuania. It has already withdrawn from the petrol retail markets in Estonia and some other European countries.

Lukoil Baltija, the Baltic branch of the company, earned €632.8 million of audited revenue last year, a 13.1% drop from the year before. Its net profit contracted by 3.3%, to €3.331 million.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

PM to invite European retailers to invest in Lithuania

Lithuanian Prime Minister Saulius Skvernelis says he plans to invite 12 European major retail chains...

Akmenė awaiting ground-shaking investment

Lithuania's northern district of Akmenė barely lags behind other cities in Šiauliai County in terms...

Minimum wage may rise to EUR 430 next January - PM

Lithuanian Prime Minister Saulius Skvernelis says that, based on updated earnings growth forecasts,...

Smart Continent LT to assess Vilnius' attractiveness among investors

Smart Continent LT will assess the attractiveness of Vilnius and its five foreign competitors among...

Tax credit brings 25 million-worth of investment to Lithuania – film center

A tax credit has brought in 24.4 million-worth of investment from foreign film makers in Lithuania...