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Yukos boosts Baltic presence; the Russian firm looks poised to take over Lithuania's MN. But the news has stirred political opposition.
Yukos announced this week that it has signed an agreement to buy troubled US energy firm Williams' stake in Mazeikiu Nafta (MN).
If the deal goes ahead, Yukos will pay $85mn for the 26.85pc stake in MN under an agreement that would also give it management rights over the Lithuanian firm. This would double Yukos' recently acquired existing stake in MN, which operates the 263,000 b/d Mazeikiai refinery as well as the Butinge oil terminal on the Baltic coast.
Williams' desire to sell its stake in MN--acquired for $75mn in 1999--is unsurprising given its financial troubles (FSUE, 2 August, p4). "We were waiting for such a step," says an analyst at a Moscow-based …
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