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
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »