14 December 2006 17:47 [Source: ICIS news]
Orlen – which intends to turn Mazeikiu Nafta into an oil/petrochemicals complex – expected to complete the second stage of the acquisition, involving the purchase of the Lithuanian government’s 30% stake in the company for litas 2.23bn, tomorrow (15 December).
The deal gives Orlen control of the only oil refinery in the Baltics.
Its so far announced plans for Mazeikiu include a €759m investment programme comprising commitments such as a €174.7m polypropylene (PP) plant.
The acquisition is going ahead despite serious damage caused by a blaze at the refinery in October.
Since July, Mazeikiu Nafta has also been hit by a Russian freeze on pipeline crude oil deliveries.
The consensus of analysts has been that
($1 = litas 2.62)
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