LUKOIL agreed to sell all gas stations in the Baltics and Poland

Controlled LUKOIL LUKOIL Europe Holdings signed an agreement to sell the Austrian AMIC Energy Management GmbH for about 230 stations in Lithuania, Latvia and Poland, reported the press service of the Russian company. The amount of transactions is not disclosed. The closing is expected in the second quarter of 2016 after the approval of the competition authorities of these States.

Under the agreement, management of chains of filling stations in Lithuania and Latvia will be carried out by companies Luktarna and VIADA Baltija, affiliated with the management of Lukoil Baltija, is spoken in the message of LUKOIL. Now Luktarna owns and operates 42 stations on brands Luktarna and LUKOIL in Lithuania, and VIADA Baltija — 30 petrol stations under the LUKOIL brand in Latvia. 80% VIADA Baltija owned Luktarna, and she Luktarna controlled by the CEO of Lukoil Baltija Ivan Palacio and his family (60%), the report said AMIC. Managing Director of AMIC Energy Gunther Mayer named VIADA and Luktarna “strategic partners” of the company.

Gas stations in Lithuania and Latvia will continue to operate under the LUKOIL brand in the next five years under the licensing agreement, while in Poland, most likely, will be repainted in AMIC Energy in 2016 (the final decision is still pending), the report said AMIC. The representative of LUKOIL has not specified, whether there will be Paleichik to work in the company.

The decision to sell the retail chain in Lithuania, Latvia, and Poland adopted the programme to optimise the structure of retail assets in Europe, is spoken in the message of the company. At the end of 2015, the President and co-owner of LUKOIL Vagit Alekperov said that the assets in Lithuania and Latvia are sold due to the growth of anti-Russian sentiments in these countries. “Business has become a hindrance, we started to lose money, we felt a negative attitude,” — said Alekperov in an interview with TV channel “Russia 24”.

In the summer of 2015 LUKOIL sold its Estonian subsidiary Eesti AS Lukoil, which owned 37 gas stations and controlled 6% of the retail fuel market in Estonia. A year earlier, the company announced the sale of its gas station networks in the Czech Republic (44 stations), Slovakia (19) and Hungary.

AMIC is not the first time acquires refueling LUKOIL. At the end of April 2015, it has closed the acquisition of the company “LUKOIL-Ukraine”, owning all Ukrainian assets, including six farms and more than 240 gas stations in 24 regions of Ukraine. The amount of the transaction amounted to approximately $300 million. the Reason for this sale Alekperov also explained the anti-Russian sentiment.