The Lithuanian government has rejected a request by Russian oil giant Yukos that would enable it to delay an increase in its stake in the Lithuanian oil refinery Mazeikiu Nafta, the government's information bureau said
Published:
4 December 2004 y., Saturday
The Lithuanian government has rejected a request by Russian oil giant Yukos that would enable it to delay an increase in its stake in the Lithuanian oil refinery Mazeikiu Nafta, the government's information bureau said.
"The cabinet decided not to agree with the delay of the term, as the investment treaty does not provide for it," the statement said.
Yukos, which now holds a stake of 53.7%, took control of Mazeikiu Nafta from the Williams company of the United States in 2002.
Under an agreement with the Lithuanian government, Yukos has the right to to buy 9.72% of newly issued shares for 75 million dollars. The same agreement allows Yukos to buy another 11.5%
shares in the refinery from the government, which currently has a 40.6% stake.
Yukos in October informed the Lithuanian government that it intended to buy new shares but later asked for a 120-day delay in the beginning of the procedures.
The refinery acquires about 63% of the oil it needs from Yukos, with the rest coming from other Russian companies.
The Mazeikiu Nafta complex includes an oil refinery, the Butinge off-shore terminal and a pipeline.
Šaltinis:
bday.co.za
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Most EU countries continue to meet deadlines for incorporating single market rules into national law, contributing to economic growth and job creation.
more »
Japanese officials unveil their new bullet train, capable of travelling at speeds of 320 km per hour (198 miles per hour).
more »
The first International Security Technology Exhibition, KIPS 2011, will be held on 23-26 February 2011 in Kiev (Ukraine). The motto of the exhibition is ‘There can never be too much security!’
more »
The world's highest restaurant opens in Dubai, United Arab Emirates, located 400 metres above ground in Burj Khalifa, the world's tallest tower.
more »
The rights of consumers will be clarified and updated, whether they shop at a local store or buy goods on line, under new EU rules as amended by the Internal Market Committee on Tuesday.
more »
MEPs on Wednesday gave their green light for the Council to conclude an Interim Economic Partnership Agreement with Papua New Guinea and Fiji, two countries of the Pacific Region with significant exports to the EU.
more »
Report sets 10 priorities for tackling the bloc's main economic challenges, launching the first ever ‘European semester'.
more »
China's first capsule hotel ready to open its doors in Shanghai, aims to capture slice of booming leisure budget travel market.
more »
Declaration by Michel Barnier on the start of three new authorities for supervision.
more »
On 1 January, Estonia adopted the euro as its official currency and the changeover is running smoothly and according to plan.
more »