Latvia's Ventspils Nafta will be auctioned October 5
A group of Austrian investors led by Martin Schlaff may also bid. New Era, the largest opposition party in parliament, said yesterday it may take legal action if any procedural problems occur with the state agency's decision to approve the auction. „This auction seems to rule out all the big investors,” a former economy minister, Krisjanis Karins of the New Era party, said yesterday in an interview. He cited changes to the auction procedure that will break up the shares into three different packets of 25%, five and seven%. Because of a 1997 agreement with Latvijas Naftas Tranzits, a closely held oil transporter that owns 49% of Ventspils, the transporter can veto any auction, Jaunarajs said in an interview Aug. 28. Parex Banka will also not give a prospectus to potential investors, since LNT declined to make provide additional information. Instead, it will hand out a memorandum of publicly available information, Jaunarajs said. (Bloomberg)
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