10:11
[Thursday 16th August, 2001]
Lukoil seeks listing on London exchange
MOSCOW - Russia's largest oil producer, Lukoil, is still hoping for a listing
on the New York Stock Exchange despite repeated delays, but will focus
on getting into the London Stock Exchange first, a senior executive said
Wednesday.
Lukoil has enjoyed dramatic profits thanks to high world oil prices recently,
and has been expanding internationally, becoming the first Russian oil major
to break into the U.S. market with its purchase of Getty Petroleum last
winter.
Lukoil released long-awaited results audited to U.S. standards this week,
showing that its net income tripled to dlrs 3.31 billion in 2000.
"First we will get (Lukoil stock) listed in London by the end of this year, but
New York remains a goal," Vice President Leonid Fedun told a press
conference.
After repeated promises to sell American Depository Receipts in New York
since 1999, Lukoil announced in June that it would switch its first planned
foreign listing to London instead. Apparent reasons for the move were
Lukoil's delay in releasing financial results, and fears of U.S. government
opposition over Lukoil's Iraqi operations and criticism of its business
practices.
Critics say Lukoil, like many huge Russian companies, has flouted
shareholder rights and kept questionable books, but some analysts say it is
reforming as it reaches outside Russia's borders.
Fedun didn't say when Lukoil would seek to sell ADRs, but said that any
foreign listing would be carried out only if it helped Lukoil to increase its
market capitalization. The ADR float could supply Lukoil with funds for
exploration, upgrading Soviet-era equipment and boosting limited pipeline
capacity. Lukoil shares traded at dlrs 10.87 on Russia's stock exchange
Wednesday, down slightly from Tuesday.
Lukoil, which emerged in 1991 from the collapsing state-run Soviet oil
sector, employs 120,000 people, supports towns across Russia and
dominates the national stock market. /The Associated Press/
02:40
[Thursday 16th August, 2001]
LUKoil to purchase NORSI-oil shares
MOSCOW - The Russian oil company LUKol confirmed it is going to
purchase a 85.36 per cent block of shares in NORSI-oil at an auction that
will be held on October 19, 2001, LUKoil's first vice-president Leonid
Fedun reported at a meeting with journalists today.
The Russian Federal Property Fund started accepting applications for
participation in the auction today.
As reported, shares in NORSI-oil will be sold in two blocks - 40 per cent
and 45.36 per cent. The initial price of these blocks amounts to $22
million. /RosBusinessConsulting/ |
