Lithuanian waiting game
According to sources cited by the Polish media, the company could be offering as much as $2.5 (zł.7.9) billion for the combined holdings.
Despite observing all of the requirements set out by Vilnius, such as offering an attractive price, securing the supply of crude oil and a description of the proposed management of the company, Orlen's offer has not yet been accepted. The other bidder for the stake, Kazakhstan's KazMunayGaz, offered $1.2 (zł.3.8) billion.
"We are trying to convince the Lithuanian government that our offer is beneficial for both AB Mazeikiu Nafta and the energy security of Poland and Lithuania," says Dawid Piekarz, a spokesperson for PKN Orlen. "We want to invest $1 [zł.3.2] billion [in the company] within the next few years to increase its potential. This would be one of the largest fuel concerns in this part of Europe. Prime Minister Brazauskas confirmed he had received the offer. We have still expressed the will to meet the Prime Minister in person to be able to present our arguments. We hope a meeting will be possible shortly."
Yukos called for tenders for its stake at the end of last year and Orlen made its offer on January 24. Simultaneously, the company informed the Lithuanian government that it would be interested in acquiring the state's shares as well. The Lithuanian government announced that it was considering buying Yukos' stake using its pre-emptive right and would sell the whole stake to an investor, which will be chosen by the government.
According to Piekarz, the offer presented to the Lithuanian government is independent of the tender called by Yukos. "Since the Lithuanian government is a third party here, we have confirmed our will to take over the whole stake or buy part of it from Yukos," says Piekarz.
The deal is further complicated by Russian deals. Rosneft, a state-owned fuel company that recently bought large parts of Yukos' debt, says that is should receive any proceeds from the sale of a Yukos stake in AB Mazeikiu Nafta. Yukos also owes the Russian government billions of dollars in unpaid taxes.
