Orlen buys 30.66% of Mazeikiu from Lithuania govt

15 December 2006 17:43  [Source: ICIS news]

PRAGUE (ICIS news)--Polish oil and petrochemicals group PKN Orlen on Friday bought 30.66% of Lithuanian refinery Mazeikiu Nafta from the Lithuanian state.

 

On Thursday, Orlen purchased 53.7% of Russia's Yukos - the largest investment in Orlen's history.

 

The Mazeikiu Nafta transaction cost Orlen $851.8m (€650m), compared to the litas 3.88bn ($1.47bn/€1.12bn) it paid for Yukos.

 

Orlen plans to turn the Mazeikiu Nafta refinery into an oil/petrochemicals complex. Its initial petrochemicals plans centre on establishing a €174.7m polypropylene (PP) plant.

 

($1= €0.76; $1= litas 2.64)

By: Will Conroy
+44 20 8652 3214

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