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Shell waives Czech refinery share option

Reuters: Shell waives Czech refinery share option

Mon 30 August, 2004

Posted 31 August 04

PRAGUE (Reuters) – Royal Dutch/Shell says it will not exercise its option to buy extra shares in top Czech oil refinery Ceska Rafinerska, held by state-controlled group Unipetrol.

Shell is the first of three Unipetrol partners in Rafinerska — the other two are ENI’s Agip and ConocoPhillips — to react on an obligatory buyout offer made by Unipetrol in June.

Shell said on Monday it would keep its existing 16.3 percent stake in the refinery.

Unipetrol could get $235 million (131 million pounds) if partners bought all of its 51 percent of the shares in Rafinerska, a source close to the deal said earlier this summer.

But analysts said that control over its main subsidiary was more important than cash for Unipetrol. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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