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Gold/Mining/Energy : LUKOY The largest oil company in the world LukOil unknown -- Ignore unavailable to you. Want to Upgrade?

To: Fred Levine who wrote (861)	8/20/2001 5:50:27 PM
From: Fred Levine	Read Replies (2) \| Respond to of 914

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/