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President of Lithuania urges to speed up the modernisation of Mazeikiu Nafta

2003.01.16


Vilnius, January 16th. President Valdas Adamkus of the Republic of Lithuania received today Vice-President of the Russian YUKOS Oil Company, Mikhail Brudno, Director General of Mazeikiu Nafta (Mazeikiai Oil) Oil Company, Nelsen English, and YUKOS representative in Lithuania, Tomas Gizas.

The meeting focused on the revision of agreement on Mazeikiu Nafta’s operation. In the words of the Vice-President of YUKOS, the company is ready to co-operate with the Government of Lithuania and search for mutually acceptable solutions.

The participants of the meeting also discussed possibilities for the refinancing of the loans granted to Mazeikiu Nafta by the Lithuanian Government and YUKOS at a lower interest rate. YUKOS is interested in lowering the interest rate on loans, the Vice-President of the company said.

President Adamkus underlined the importance of a speedy modernisation of Mazeikiu Nafta. After Lithuania joins the European Union, the quality of its oil products should fully meet the requirements of the EU markets, the President said.

The participants of the meeting also shared their views on involving Lithuanian companies into the modernisation of Mazeikiu Nafta, concluding that quality services of local business people could be used for the purpose.

Press Service of the President

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