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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »