LUKoil to boost Neftokhim refinery's capital

Nov 06, 1999 01:00 AM

LUKoil's Bulgarian subsidiary announced that it would seek to boost the Neftokhim oil refinery's capital through a new share issue in 2000.
All current shareholders in the oil-processing plant will be eligible to buy into the new issue, LUKoil Petrol Bulgaria said. No information was available on the planned volume, terms or start date of the capital increase.
Brokers in Sofia reported on November 1 that the value of shares in Neftokhim had risen following the announcement of LUKoil's plans.
The Russian company clinched a deal on the purchase of a 58% stake in the Bulgarian refinery last month. It paid $ 101 million in cash for the stake and has also pledged to invest $ 100 million in the plant in 2000.

Source: NewsBase
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