In a further sign of renewed confidence in emerging markets, Chase Manhattan Corp. is to arrange a $650 million financing for Lithuanian oil refinery.

Terms of the transaction, which is said to include a $150 million interim loan and a $500 million project finance facility, have not been disclosed.

A Chase spokeswoman in New York declined to comment on the deal, but knowledgeable banking sources confirmed Chase has been picked by Lithuanian company, Mazheikiu Nafta, to arrange the funding.

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