Lithuania Prime Minister Agrees Sale to PKN Orlen
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Friday, 18 July 2008 |
Lithuania can sell the remaining 10 percent stake it holds in refiner
Mazeikiu Nafta to Poland's PKN Orlen if the government can keep a
golden share and a seat on the board, the prime minister said this week.
PKN Orlen which bought a 30 percent stake in the refiner from the
government at the end of 2006, has an option to buy the remaining 9.98
percent for an agreed price per share, fixed in dollars.
"If dollar is going to slip further, the value of the stake will drop
as well. The question is whether we should not sell it as soon as
possible," Prime Minister Gediminas Kirkilas told state radio. "I don't
see much difference if we can have a golden share and retain a seat on
the (Mazeikiu) board as to what we have now," he added.
PKN Chief Executive Wojciech Heydel told Prime Minister Kirkilas last
week the Polish oil group would be interested in buying the stake
although the two did not discuss a price.
PKN has an option to buy the remaining shares for the same price per
share in dollars it paid for the 30.66 percent, which carried a total
price tag of $851.8 million.
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