Russian UKOS to Buy 26.85% of Lithuanian Oil Company

Having published the 2001 annual report, the stakeholders of the Lithuanian oil company of Mazeikiu Nafta (run by American Williams International) have decided to increase the company's equity. The first additional emission would be 58,139,029 shares at {NEWSBODY_E}.25 par value. The second emission of 131,820,176 shares would bring the company's equity to 5 million. 'We need this additional emission to raise Mazeikiu Nafta's equity up to the level required for the deal with Russian UKOS to go through,' Mazeikiu nafta's representative explained. With UKOS having the priority right to buy the new shares, the deal might be concluded before June 1, 2002. On April 11, 2002 Williams International and UKOS agreed on the latter paying million for Mazeikiu Nafta's 26.85% of shares and granting Mazeikiu Nafta a credit of another million. The agreements also provide for the Lithuanian company being supplied at least 4.8 million tons of oil per year for the next ten years.