Poland’s PKN Orlen failed to take up an option to buy a 10 percent share in the Lithuanian Możejek oil refinery, Friday.
On Thursday, PKN Orlen asked the government in Vilnius - which owns the remaining 10 percent of the oil refinery - if it could take up the share option of the state controlled company by paying in instalments, as Poland’s oil giant could not raise the money all at once due to the finance crisis.
PKN Orlen, which already owns 90,02% of Możejek’s shares, bought back in 2006, must come up with 284 Million USD for the remaining 10 percent share.
The current Minister of Economy in Lithuania, Dainius Kreivys explained: "Now, we are not talking about money but time."
PKN Orlen indicated that it is aiming to raise the money in loans from banks later this year.