TNK final winner of tender for majority stake in LINOS

Jul 25, 2000 02:00 AM

Russian Tyumen oil company, TNK, has already paid all 53.1 mm hryvna ($ 9.76 mm) for a 67.41 %-stake in Ukraine's second largest refinery, LINOS, the State Property Fund reported. TNK was named a final winner of a tender for a majority stake in LINOS.
Tender conditions say the investor has to deliver at least 4 mm tpy of crude oil to LINOS and pay a total of 437 mm hryvna, including 53.1 mm for the stake itself and 384 mm for the refinery's debts. The TNK said it would repay 384 mm hryvna of LINOS' debts in five years and supply 6 mm tons of crude oil to LINOS in 2001.
Lisichansk-based LINOS is capable of refining about 16 mm tpy of crude oil. LINOS was idle for 145 days this year due to a lack of cash to buy crude, but in June managed to produce about 140,000 tons of gasoline and diesel thanks to the resumption of oil supplies from TNK.

Source: Bridge News via Newspage
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