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. Last Updated: 07/27/2016

Lithuania in Oil Deal

VILNIUS, Lithuania () -- The Lithuanian government has given preliminary approval to an offer by Russian oil firm Lukoil and Italy's Agip SpA to finance construction of a new oil terminal on the Baltic Sea, the Lithuanian energy minister said Monday.

Aligimantas Stasiukynas said in an interview that the two firms had proposed a joint venture, with Agip holding up to 29 percent of shares and Lukoil up to 20 percent. The Lithuanian state would hold 51 percent. "The government has approved the proposal in principle and instructed our ministry to prepare a founding document by October," Stasiukynas said. Under the deal, Lukoil and Agip would be obliged to supply a certain amount of crude oil for Lithuania's Mazeikiai refin