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. Last Updated: 07/27/2016

Mazheikiu Optimism

RIGA, Latvia -- Lithuanian refiner Mazheikiu Nafta has crude to last it through January and long-term supply talks with Russian oil firm LUKoil are on track, the country's finance minister said in Riga.

Mazheikiu - a combined refiner, oil terminal and supply pipeline - is one-third owned by U.S. Williams and was forced into heavy losses in 1999 by several unexplained cutoffs in Russian crude supply. The state retains a 59 percent stake.

Finance Minister Vytautas Dudenas said Wednesday he believed having the Butinge terminal and the possibility of access to oil from the West had helped promote a favorable outcome.