KYIV, July 18 – A majority stake of the Lysychansknaftaorgsyntez (LyNOS) Petroleum Refining Plant shares have been sold to TNK-Ukraina, a Ukrainian subsidiary of Tyumen oil company.
The 67.41 percent stake in the company was sold for Hr 50 million.
According to the press service of the State Property Fund, TNK-Ukraina's investments in LyNOS should be Hr 437 million, inclusive of the Hr 50 million in shares.
During the ceremony, Chechetov said that the SPF views this deal not just as a means for replenishing the budget, but as way to solve the crisis at LyNOS.
"In our view, when this agreement becomes effective the largest petroleum refining enterprise in Europe will be reanimated," said Chechetov.
Ayub Khadzhaev, the vice president of Russia's Tyumen oil company, said that LyNOS will play an important role in TNK's business.
LyNOS is TNK's "first swallow of spring in Ukraine, because all the best strengths of our company were brought into this project," said Khadzhaev.
TNK-Ukraina was officially ruled the winner of the tender for LyNOS on July 10.
The Prodintor Company also participated in the tender.
According to the tender conditions, TNK must ensure the supply of no less than 4 million tons of petroleum per year to LyNOS, the settlement of LyNOS's accounts with Westdeutsche Landesbank, and the settlement of a Eur 18,852 debt to the Finance Ministry for assistance with the Landesbank account in 1999.
In addition, TNK must replenish Hr 13,000 thousand of the enterprise's current accounts within 60 days of signing the purchase agreement, and invest Hr 60,000 thousand in technical reconstruction of LyNOS within five years.
