Volume 3, issue #22 - 14-09-1998

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Williams offers to buy stake in Lithuania oil refineries

July 16, 1998 Williams has offered to buy 33 % stakes in 3 key Lithuanian oil companies for $ 150 mm plus $ 150 mm in reinvested profits, the Lithuanian economy minister said.
A final agreement on price has not been reached but is expected in two weeks, both sides said.
Lithuania has been negotiating with Williams to sell it one-third stakes in oil refinery Mazheiku Nafta, Birzhu Pipeline and Butinge oil terminal.
Lithuanian Economy Minister Vincas Babilius said experts put the value of the three companies at $ 390 mm.
Babilius said the companies will be merged into one oil concern. After the merger, the government and Williams will hire an operator for the new company.