The placement will be handled by the U.S. bank JP Morgan Securities, which has been chosen as the lead-manager of the issue after considering offers from nine Western banks.
JP Morgan handled the placement of Lithuania's bond issue worth $200 million on international markets in 1997.
Finance Minister Jonas Lionginas has said that the government needs to balance state treasury money flows as soon as possible.
The government will have to extend a loan of up to $75 million to Mazeikiai Oil under agreements with Williams International on the American company's investment in the Lithuanian oil complex, Lionginas told the Baltic News Service.
The draft agreements approved by the Lithuanian State Defence Council on Tuesday are yet to be endorsed by the country's Parliament.
In November and December, the government is due to redeem bonds worth up to 70 million German marks ($38.25 million) placed on foreign markets last year.
Also, the government needs borrowed funds for its investment programs and for repayment of money taken out of the country's Privatization Fund, the minister said.
The placement of the Eurobond issue will take four to six weeks. Lionginas said he hoped that the government would receive the money in early October.
The Finance Ministry launched Lithuania's first euro-denominated bond issues, worth 200 million euros and 50 million euros, earlier this year.
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