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Russian Govt To Sell Its LUKoil Stake

The Russia's government will sell its 7.59 percent stake in the national oil giant LUKoil

Russian Govt To Sell Its LUKoil Stake

The Russia?s government will sell its 7.59 percent stake in the national oil giant LUKoil for a minimum of $1.26 billion.

The tender is to take place by the end of next month. ConocoPhillips of USA is believed to be the favorite bidder.

On July 21, Prime Minister Mikhail Fradkov signed a resolution authorizing the sale of the LUKoil stake in one lot at open auction. On the next day, ConocoPhillips CEO James Mulva met with Russia? s President Vladimir Putin and LUKoil president Vagit Alekperov.

ConocoPhillips already cooperates with LUKoil in the Northern Territories project in the Russian Arctic.


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