Lukoil to sell 240 gas stations in Eastern Europe

Oil giant Lukoil is selling around 240 filling stations in Lithuania, Latvia and Poland to AMIC Energy Managament as part of the new strategy for Eastern Europe.

The deal between Russia´s largest fuel retailers and Austrian AMIC will be closed in the second quarter of 2014, reported RT News.

According to Lukoil, the offload of 240 gas stations is part of a “program to optimize Lukoil´s retail asset structure in Easter Europe.”

The gas stations in Lithuania and Latvia will continue operating under the Lukoil brand for 5 years, while the Poland assets will likely be rebranded this year, according to information from AMIC.

Lukoil has suffered a dip in sales in recent times due to an increasing “anti-Russian” sentiment across Baltic and East European countries.

In December, the fuel retailer announced it planned to exit the Baltic area, and in June 2015 it sold its entire network in Estonia to Olerex.