Lithuania: Final Refinery Stake Sold to PKN
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Friday, 21 November 2008 |
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Lithuania's incoming coalition goivernment has agreed to sell the
state's remaining 10 percent stake in the Mazeikiu Nafta refinery,
which is majority owned by Polish oil group PKN Orlen.
The planned sale of the stake was in a coalition agreement signed by
the four parties which are to make up the government after winning
elections in October. The agreement said the coalition aimed at
'selling state shares in Mazeikiu Nafta and to use the receipts for the
stabilisation fund'. The fund is a reserve which can be used to support
economic stability in an emergency.
The state holds an option to sell the shares to PKN at the same price
as PKN paid in December 2006. The government could expect to make about
us$285 million from a further sale, using the price of the previous
deal signed with PKN Orlen. Lithuania sold 30.66 percent of the refiner
to PKN for $851.8 million, retaining a 10 percent stake. The Polish oil
group bought the rest from Russian oil firm Yukos.
PetrolWorld 201108
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