Speaking to reporters after a meeting with Lithuania's Economics Minister, Kestutis Dauksys, Lukoil and ConocoPhillips executives said they are interested in acquiring the stake, which has a current market value of $1.5-2 billion, as well as part of the Lithuanian government's shares in the company. Both Lukoil and ConocoPhillips are seeking equal interest in Mazeikiu nafta.
Under an investment agreement, the Yukos management will decide which of the bidding companies their Mazeikiu stake should go to, but the bidder they pick will have to be confirmed by Lithuania's government.
If it finds the Yukos-designated company unacceptable, the government will buy the stake for itself.
"An acceptable buyer should first of all [be capable of] providing [reliable] oil supplies and, second of all, be an established company operating to the international standard," Dauksys said.
Yukos currently holds a 53.7% stake in Mazeikiu nafta, compared to the Lithuanian government's 40.66%. The company incorporates a refinery, an oil terminal and a pipeline.
