YUKOS purchases 26.85% in Mazeikiu Nafta
The YUKOS oil company stroke a deal with US-based Williams on the purchase of 26.85 percent stake in Lithuanian Mazeikiu Nafta petroleum complex from Williams International by YUKOS' subsidiary for $85m. The agreement also provides for assigning the authority to control Mazeikiu Nafta to YUKOS, the press service of the Russian oil giant reported to RosBusinessConsulting.
The government of Lithuania was informed that it has a proportional option right to buy out Mazeikiu Nafta's shares sold by Williams, in accordance with conditions of the "bona fide offer," provided for in an agreement of June 18, 2002 on the purchase of an initial stake in Mazeikiu Nafta by YUKOS. The deal is to be completed by the end of September, 2002.
The deal sets a list of requirements, including its approval by the Boards of Directors of YUKOS, YUKOS' subsidiary and Williams.