Yukos to acquire Williams' stake in Mazeikiu Nafta
20 Aug 2002
Williams is to sell its 26.85 percent equity interest in AB Mazeikiu Nafta, the Lithuania oil refining and transportation complex, to a Yukos subsidiary for $85 million.
The purchase will also include the transfer to Yukos of the management rights to Mazeikiu Nafta.
Closing of the transaction is expected before the end of September 2002. The transaction is subject to the preliminary approval of the antimonopoly authorities in Russia. The sale also requires approvals by the boards of Yukos, the Yukos subsidiary, and Williams, respectively.
'The sale of Williams' stake in Mazeikiu Nafta is part of our near-term strategy to concentrate on our core business and deliver a higher percentage of cash earnings, strengthening its financial condition and providing a solid base for the company to move forward,' said Randy Majors, managing director of Williams International.
