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. Last Updated: 07/27/2016

Lithuanian Oil Talks Moving Slowly

VILNIUS, Lithuania -- Lithuanian oil concern Mazeikiu Nafta said Wednesday it would take several months to reach a final agreement with LUKoil on a long-term crude-oil deal.

Officials from Mazeikiu, its one-third owner, and operator Williams and LUKoil will meet in London on Thursday through Saturday to discuss a number of contracts and strategic issues, the company said in a statement.

"This month's discussions are of a preliminary nature, and both sides expect it will take at least several months to reach a formal agreement," it said.

LUKoil, Mazeikiu and Williams have been negotiating for several months over a critical long-term crude supply agreement needed for the Soviet-built refinery to secure a $550-million modernization package

Talks were nearly called off earlier this year when LUKoil demanded an equity stake in the firm equal to Williams'. It has since dropped the caveat.