Russia » Economics

YUKOS Acquires Controlling Stake in Lithuanian Mazeikiu Nafta - 20 September, 2002

Oil company YUKOS yesterday completed a deal to buy 26.85% of Lithuanian company Mazeikiu Nafta from Williams International. The deal is worth USD 85 million. According to YUKOS's press office, the deal increased the company's stake in Mazeikiu Nafta to 53.7%. YUKOS acquired an initial 26.85% stake in June.

The deal was concluded by a YUKOS daughter company, which took over Williams International's rights and obligations in connection with a USD 75 million loan extended to Mazeikiu Nafta, which is guaranteed by the Lithuanian Government. YUKOS' daughter company also took on Williams International's rights and obligations concerning a series of agreements with the Lithuanian Government, including the company's management.

'We are glad to have the opportunity to increase our stake in Mazeikiu Nafta and are ready to manage the company in the interests of all its shareholders,' said YUKOS first vice-president Mikhail Brudno. 'Our efforts will be aimed at modernizing and improving Mazeikiu Nafta's work in order to make the company profitable and turn it into a serious competitor on the European oil market. To ensure its success, Mazeikiu Nafta will work closely with the Lithuanian Government'.

YUKOS' press office stressed that the current management team at Mazeikiu Nafta will continue its work for the next three months. 'During this period we will assess the competence of the management,' explained the oil company.

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