Hurricane shareholders to approve the purchase of Kazakhstani refinery

/IRBIS, March 30, 00/- REUTERS informs, with the reference to executive director of the company Bernard Isotier, that shareholders of Hurricane Hydrocarbons Ltd. approved several decisions, including the purchase of oil refinery JSC Shymkentnefteorgsintez in Kazakhstan, which is meant to let it to evade bankruptcy. The company said its Kazakhstani based branch had agreed to buy Shymkent oil refinery from Kazakhstani Kazkommertsbank for $51 mln and 33% of shares of parent Hurricane. The deal is expected to be concluded on Friday and the ruling of the Canadian court regarding the reorganization of the company due to its bankruptcy is expected this time as well. Executive director told to the shareholders in Calgary the company planned to pay off its debts by October 2001. An agreement with major American shareholders obliges the company to pay off part of its debt at $50 mln on Friday, and it is said to exceed the minimum initial payments of $42 mln, said Isotier. Lenders of the company is said to approve the purchase of Kazakhstani refinery in early March. It is also said the company, located in Calgary, is working under the court supervision from May of last year. Hurricane shares fell 12 Canadian cents from C$4.50 in the afternoon at Toronto stock exchange (USD1 = C$1.46).