Mazeikiu Nafta shareholders to consider sales of stake to YUKOS

Shareholders of Mazeikiu Nafta will consider the sale of a 26.85-percent stake worth $75m to Russia's No. 2 oil company YUKOS today, the press service of the Lithuanian company reported. In addition, shareholders will consider an increase in the company's authorized capital by floating two issues of shares and on prohibiting the current shareholders from purchasing new issues of shares. The value of planned issues has not been specified. As we wrote earlier, the government of Lithuania received documents of the deal between YUKOS and Williams about purchasing a 26.85-percent stake each in Mazeikiu Nafta on April 11 for ratification. The Lithuanian government will own 40.66 percent in the company. As of now, Williams owns a 33-percent stake in Mazeikiu Nafta. The agreement also stipulates oil supplies to the YUKOS oil refinery in Mazeikiu in the amount of 5m tons annually over the next ten years.

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