Poland's largest refiner, PKN Orlen, failed to execute an option to purchase the remaning 10 percent stake in the Lithuanian refinery of Mazeikiu Nafta. Lithuania is currently waiting for Orlen to inform the government of its intentions.
On Thursday, the Lithuanian government said that it agreed to talks with Orlen on the firm paying the option sum of $284.5 million in parts. Friday was the deadline in the original sale plan.
“The deal with PKN has not been closed today. We are waiting for information from PKN about them meeting their obligations,” Lithuanian Economy Minister Dainius Kreivys said.
“The government is making every effort to get PKN to meet its obligations under the option contract,” he added.
Earlier this week, Orlen asked for more time, claiming it needed to borrow the funds. Government sources were reported as saying that they expected Orlen to pay for the option in two tranches, the smaller of which would be paid in the next few days. The remainder would be paid within a month.
Previously however, Orlen had said that it expected to buy the shares in H2.
On Thursday, the Lithuanian government said that it agreed to talks with Orlen on the firm paying the option sum of $284.5 million in parts. Friday was the deadline in the original sale plan.
“The deal with PKN has not been closed today. We are waiting for information from PKN about them meeting their obligations,” Lithuanian Economy Minister Dainius Kreivys said.
“The government is making every effort to get PKN to meet its obligations under the option contract,” he added.
Earlier this week, Orlen asked for more time, claiming it needed to borrow the funds. Government sources were reported as saying that they expected Orlen to pay for the option in two tranches, the smaller of which would be paid in the next few days. The remainder would be paid within a month.
Previously however, Orlen had said that it expected to buy the shares in H2.