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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Michael Burry who wrote (136)5/19/1998 3:51:00 AM
From: Thomas Haegin   of 1301
 
Michael,

you are absolutely right that information is tough to come by. The most useful information I have seen on LUKoil was a Prospectus they have prepared when they issued a convertible bond in 1997. The lead manager of this issue was SBC Warburg Dillon Read. In this they had production data and financials, but these were not all audited to western standards, allthough this was intended. But the task is very complicated in that they have to consolidate about 42 subsidiaries that are spread out all over Russia and all have Russian Accounting standards...

I'd try to get in touch with Dillon Reed, asking if they still have a copy of this Prospectus somewhere. The other possibility is that you find Russian Brokers on the Internet. My favourite is RMG Securities at

rmg.ru

On the other hand buying LUKoil is about as safe as a Russian investmanet can be: They have more oil reserves than Exxon I think. They also have some refining capacity that they are investing in (upgrading). They are also in cooperation with Atlantic Richfield. Maybe there is something mentioned in ARCOs 10-K or Annual Report.

There are sound reasons why individual investors should consider buying mutual funds for Russian investments.

Hope this helps a bit,
Thomas
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