Orlen may offer $1.5 billion for Lithuanian refinery stake

Parkiet has leant that the two most significant competitors in the tender, PKN Orlen and KazMunajGaz, will also present their offers tomorrow. The oil concern from Kazakchstan has prepared a bid of $1.2 billion for a 53.7% stake. Meanwhile Orlen is unofficially rumoured to be ready to pay $1.5 billion. "First of all the sum of $1.2 billion is an estimate. Second, we are sure that the price will not be the only criterion taken into consideration," said Gałym Tumabajew, spokesperson for Dom Targowyj KazMunajGaz, which represents the concern in issues related to the potential investment. The majority stake in the Lithuanian refinery is being sold by Jukos, but the consultations also involve Lithuanian state authorities. So far the most probable winner seemed either British-Russian concern TNK-BP or Łukoil in consortium with ConocoPhilips. However, the first offered a mere $600 million, while the latter was ready to pay only $380 million more. (Parkiet, p. 1) A.K.