Under the program, a potential buyer of Lithuanian Fuel will be required to have at least three years' experience in oil or oil-product business. An investor must have an annual turnover of at least 300 million litas ($75 million) and assets worth at least 200 million litas.
Lithuanian Fuel's authorized capital amounted to 178.6 million litas, with 73.35 percent held by the state.
Following annulment of over 6.18 million shares worth 30.94 million litas and reduction of its share capital, the state-held shares will be 67.76 percent.
The number of shares put up for public tender will not change after new capital registration.
No initial price of the block of shares offered for privatization has been announced. The sum of required investments into the company has not been specified either.
The State Assets Fund will accept applications from potential investors from March 3 through March 18.
For a period of five years, Lithuanian Fuel's investor will have to maintain 70 percent of present jobs in the company, which now employs some 1,240 people.