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 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.