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. Last Updated: 07/27/2016

Williams Offer for Lithuanian Firms

VILNIUS, Lithuania -- U.S. Williams International has offered $150 million for one-third stakes in three key Lithuanian oil firms plus $150 million in reinvested profits, the economy minister said Wednesday.

A final agreement on price between Lithuania and Williams, an arm of U.S. pipeline and telecoms firm Williams, has not been reached but is expected in two weeks, both sides said at a news briefing.

Lithuania has been negotiating with Williams to sell it one-third stakes in oil refinery Mazheiku Nafta, Birzhu Pipeline and the Butinge oil terminal.

"Williams is offering to pay $300 million for 33 percent of the companies, $150 million in direct investments and $150 million in reinvestments," Lithuanian Economy Minister Vincas Babilius said, adding experts had valued the three companies at $390 million.