Kestutis Dauksys said the country might do so after a district court in Amsterdam lifted the injunction on the sale of Yukos' subsidiary Yukos International U.K. B.V.
The minister said it was unclear how the court would decide regarding Yukos' frozen assets.
"After this decision, the plan of talks is becoming clearer, as we know we can now negotiate directly with Yukos," Dauksys said.
Russian-British joint venture TNK-BP, LUKoil-ConocoPhillips tie-up, Kazakhstan's KazMunaiGaz and Poland's PKN Orlen S.A. are interested in bidding for the Mazeikiu nafta share packet.
The Mazeikiu nafta refinery, with a design capacity of 12 million metric tons of oil processed annually, is the only facility of its kind in Baltics. The Butinge oil export terminal with an annual 8 million ton capacity and the Birzai oil pipeline are also part of Mazeikiu nafta's operations.
