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. Last Updated: 07/27/2016

EDITORIAL: Lithuania Oil Vote




VILNIUS, Lithuania -- Lithuania's parliament appeared poised Wednesday to approve a deal allowing U.S. energy firm Williams to take up to two-thirds of Lithuanian oil group Mazheikiu Nafta.


The 138-member parliament, the Seimas, will vote Thursday on adding a two-part options program to a 1998 deal that calls for Williams to take a 33 percent stake for $150 million.


With support from Lithuania's leading Conservative party, which has 65 seats in parliament, and the smaller Christian Democrats, the measure looked likely to be passed.


After an audit turned up a severe working capital shortfall of $212 million at the company, Williams asked to expand the deal to allow for additional cash injections through options.