Agreement for Sale of 26.85% of Lithuanian Mazeikiu Nafta to Russian YUKOS to Be Signed Today

The agreement for the sale of 26.85% of Lithuanian Mazeikiu Nafta petroleum refining concern to Russian YUKOS will be signed today. Representatives of the Lithuanian Government, the American Williams International, the operator of the concern, and YUKOS will endorse the document at the country's Ministry of Economy.

The Board of Directors of Mazeikiu Nafta approved the finalised text of this agreement at its yesterday's meeting. The Russian oil company will invest USD 150 million in Mazeikiu Nafta, half of the amount payable immediately upon the signing, and credit the concern with as much. The agreement also provides for the annual supplies to Mazeikiu Nafta of 5 million tonnes of YUKOS' crude.

Yesterday, June 17, Mikhail Brudno, Vice President, said at a press conference that his company's investment in Mazeikiu Nafta was long-term. He went on saying, 'I can't imagine any situation that would force us to sell our stake in Mazeikiu Nafta".

After the agreement is signed, the government of Lithuania will own 40.66% of Mazeikiu Nafta, which will continue to be operated by Williams International despite that its stake in the concern will go down from 33% to 26.85%.

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