The Mazeikiu Nafta complex comprises the eponymous oil refinery, which has an annual capacity of 12 million metric tons, an oil terminal in Butinge with an 8-million-ton annual capacity and an oil pipeline.
Yukos International U.K. B.V. holds operator rights and a 53.7% stake in Mazeikiu Nafta. A 40.66% belong to the Lithuanian government, which plans to buy Yukos' stake for $1 billion and then sell the packet to an investor for $1.7-$2 billion.
Russian-British joint venture TNK-BP made a lowball offer for the packet [some $1 billion], while Kazakhstan's state oil and gas company KazMunaiGaz said it was ready to pay $1.2 billion, but the Kazakh company could not provide the oil refinery with crude due to unsettled problems with Russian oil pipeline monopoly Transneft.
The government is looking to sell up to 30% of its 40.66% stake to the new owner of Mazeikiu Nafta.
Market experts assess the Yukos-held Mazeikiu Nafta packet at $1.5-$2 billion.
