VILNIUS - ic obstacle with Yukos, the Russian oil company that owns Mazeikiu Nafta, has revived hopes in some circles that the government might be able to manage a change of ownership at the refinery, the country's largest taxpayer.
Officials expect to provide the government with draft agreements on the transfer of shares in the refinery in approximately two weeks.
Negotiators overcame the deadlock in talks with Yukos, the embattled majority owner, on Sept. 2, after technicalities had stalled the process for months. "This was a technical discussion. Next week I hope to get the missing additional information, which is required for the talks to go ahead," Nerijus Eidukevicius , deputy economy ministry and head of Lithuania's negotiating team, told the Baltic News Service.
Eidukevicius said that earlier Yukos had rejected a proposal from former Economy Minister Viktor Uspaskich that the Russian company hand over its option to acquire almost 10 percent in Mazeikiu Nafta via a $75 million share offering to the government. But he stopped short of confirming reports that the Russian company had agreed to raise the price for an additional 11.5 percent stake in Mazeikiu Nafta to 400 million litas (116 million euros).
The agreements between Lithuania and Yukos stipulate that the Russian company may acquire an additional 11.5 percent in Mazeikiu Nafta from the government for some 120 million litas, or 1.16 litas per share.
If the talks end in success, the government's stake in Mazeikiu Nafta would decline from the current 40.6 percent to some 19.5 percent.
The Lietuvos Rytas daily reported last week that the government would have to decide whether it would approve arrangements with Yukos or prevent the company from using its options until the international arbitration decision is made.
Authorities are also mulling over the possibility of negotiating options with the future investor if Yukos decides to divest its interest in Mazeikiu Nafta, the paper said.
However, the state is also considering the possible effects of a $1 billion claim that a group of Yukos creditors 's including France Societe General 's has recently lodged against Yukos Finance, a subsidiary of Russia's oil company.
Yukos Finance controls the 53.7 percent in Mazeikiu Nafta via Yukos International U.K.
What's more, Russia has asked Lithuania not to prevent a change of ownership at Mazeikiu Nafta until its government has finalized all outstanding tax claims against Yukos. The Lithuanian government has not yet given its answer to Moscow and instead requested additional documentation from Russia's Justice Ministry.
