REFILE-Unipetrol says eyes ConocoPhillips' refinery stake

(Corrects to add dropped word 'percent' in '51 percent stake' in paragraph 1)

PRAGUE, Nov 21 (Reuters) - Czech oil group Unipetrol <UNPEsp.PR> said on Tuesday it remained strongly interested in raising its 51 stake in the country's largest crude oil refinery by buying out its U.S. partner ConocoPhillips <COP.N>.

Unipetrol said in a statement it expected to have first refusal on the shareholding in the Ceska Rafinerska refinery, which Conoco has said might be sold to top Russian oil producer LUKOIL <LKOH.MM>, in which it owns a 19 percent stake.

Rafinerska, which processed 7.1 million tonnes of crude last year, is a joint venture between Unipetrol, ConocoPhillips, Italian oil company ENI <ENI.MI> and Royal Dutch Shell <RDSa.L>.

Conoco and the other foreign partners each own 16.33 percent stakes, which analysts at Czech investment house Wood & Company have estimated to be worth $430 million.

"We confirm our previous strong interest to increase our stake in Ceska Rafinerska," said Unipetrol, which is majority owned by Polish refiner PKN Orlen <PKNA.WA>.

"We trust that ConocoPhillips will make a preference offer to the other shareholders of Ceska Rafinerska following Rafinerska's articles of association," the company added.

Unipetrol was responding to statements by ConocoPhillips chief James Mulva, who was quoted by Russian media last week as saying that ConocoPhillips considered LUKOIL to be the obvious buyer for its Czech refinery stake.

Rafinerska has operated its two refineries for a fee paid by its shareholders for processing crude oil that they supply.

"Conoco's exit is a unique opportunity for Unipetrol to expand its refining capacity and its petrochemicals business," said Bram Buring, equity analyst at Wood & Company in Prague.

"Even if it is outbid by LUKOIL, then the tender process revalues Unipetrol's 51 percent stake in Rafinerska," he added. ((Reporting by Marek Petrus, editing by Quentin Bryar, Edmund Klamann; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477))

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Keywords: ENERGY CZECH UNIPETROL

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Keywords: ENERGY CZECH UNIPETROL