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News // Russia

LUKoil State-owned Stake At Auction

01 July 2004 , 13:00751
The Russian government is likely to sell its entire 7.59 percent stake in Russia's oil major LUKoil in the third quarter of this year.
According to Russia?s Minister of Economic Development and Trade German Gref , I will be sold at the auction.
?The stake is to be "sold in one lot and to one buyer", Gref said.

"This decision was made by the government commission and now we are waiting for a government ruling signed by Prime Minister Mikhail Fradkov, to be issued within one week," he added.

ConocoPhillips President and CEO James Mulva has already discussed the possibility of buying the state's 7.6 percent stake in LUKoil with Gref.
The sale of LUKoil's 7.59 percent state stake was included in the government's privatization programme for 2004, but the government has been delaying the auction.

About two weeks ago LUKoil Vice-President Sergey Kurkura told reporters that the Company started negotiating with US ConocoPhillips on the latter's purchase of a stake in the Russian company.

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