Lithuania to Buy Out Mazeikiu Nafta from YUKOS
Lithuanian government passed the bill yesterday, September 21, 2005, whereby it may raise $1.05 billion in loan to buy out Mazeikiu nafta (MN) from YUKOS, the evident insufficiency of the amount notwithstanding.
Netherlands-incorporated Yukos Finance owns 53.7 percent in MN, Lithuanian government holds 40.66 percent.
Under the bill that is most likely to be sealed by the country’s parliament in the near term, Lithuanian government may buy out the whole stake of the YUKOS subsidiary, raising $1.05 billion to the effect. In the second move, the government will dispose of all stocks acquired from YUKOS and the better part of stocks currently owned by Lithuania at agreed price to keep only 10 percent in MN as a result.
The local analysts evaluate YUKOS stake in MN at from $1.5 billion to 2 billion, therefore, the money raised by the government won’t suffice to buy out the whole stake.
Apart from Lithuania, Gazprom with Gazprombank, TNK-BP, LUKOIL in tandem with the partner U.S. ConocoPhillips, Swiss Vitol, Polish PKN Orlen and other foreign investors are also eyeing the stocks of Mazeikiu nafta.
www.kommersant.com
All the Article in Russian as of Sep. 22, 2005
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