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. Last Updated: 07/27/2016

U.S. Firm Still After Refinery




VILNIUS, Lithuania -- U.S. energy group Williams said Thursday that it still expects to take a controlling stake in Lithuanian Mazheikiu Nafta, despite delays in talks that could stall a deal already months behind schedule.


Williams officials and the U.S. ambassador to Lithuania held talks late Wednesday with President Valdas Adamkus, the prime minister, economy minister and parliamentary chairman.


The U.S. energy group, which signed a deal with the previous government in April to extend its originally planned 33 percent stake to 66 percent, was upbeat on the result of the discussions, which have lasted more than a year.


At the heart of the problem appears to be the issue of working capital at Mazheikiu Nafta, which is a combined refinery, pipeline system and recently opened crude oil terminal.