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26

Mazeikiu Wants to Buy Out Yukos's Stake

Lithuanian government has offered Yukos to buy out Yukos' stake

Lithuanian government has offered Yukos to buy out Yukos' stake in Mazeikiu Nafta for $1.5 billion, Interfax reported.

However, a Moscow arbitration court has recently imposed a ban on the sale of any of Yukos? foreign assets.

Earlier this week a U.S. court in New York also issued a 10-day injunction blocking any sale of shares owned by Yukos president Steven Theede, who is a U.S. citizen, and a company?s outside supervisor, Eduard Rebgun, has already asked judges to extend the term. Next hearings will be held on April 26. Meanwhile, Yukos managers and shareholders want this suit to be turned down.

Yukos owns 53.7 percent of Mazeikiu Nafta, an asset that could be worth over $1.2 billion.