KOGALYM, Western Siberia -- Russia's biggest privatized oil company is about to grow even bigger.


In an effort to boost its market value and attract serious Western investors, LUKoil plans to swallow up several more enterprises, consolidate its stock and become the first Russian company listed on the New York Stock Exchange, Vice President Leonid Fedun told reporters over the weekend.


"Five to six enterprises could join LUKoil in the near future," Fedun said, naming four of the firms as Permneft, Nizhnevolzhskneft, Astrakhanneft and Kaliningradmorneftegaz. "The shareholders of Permneft have already made a principal decision to become part of LUKoil."


Fedun said President Boris Yeltsin was expected to sign a decree by the end of the year creating several new "well-to-pump" oil concerns like LUKoil, with operations ranging from oil production and refining to sales through local gas stations. The decree would also allow existing big companies -- LUKoil, Yukos, Surgutneftegaz and Sidanko -- to absorb smaller en Taking over Permneft alone would add 8 million tons annually to LUKoil's production, which reached 48.8 million tons last year and was projected to fall slightly to between 46 and 47 million tons in 1994.


"Takeovers, coupled with lifting export quotas in 1995, would allow us to dramatically increase exports," Fedun said.


Fedun said the company was to sign an agreement "within a few days" with the Bank of New York to issue American Depository Receipts, securities that would entitle bearers in the United States to shares in LUKoil.


The agreement would make LUKoil the first Russian company to issue ADRs and is expected to boost the market value of the company's shares, Fedun said. "The value of our shares will go up by about 15 percent as a result of issuing ADRs," he predicted.


The current market share price of LUKoil-Holding, which accounts for about 15 percent of Russia's total oil output, ranges from $38 to $42. The company intends to offer 15 percent of its stock to the international market and has already chosen several Western advisors on the sale.


Delivering its shares to the U.S. market is only one in a series of measures by LUKoil to make the company more attractive to foreign investors.


LUKoil also plans to consolidate its stock by acquiring 100 percent of shares in its subsidiaries. Fedun said LUKoil Holding would take 100 percent stakes in divisions such as Kogalymneftegaz, Langepasneftegaz and Uraineftegaz in a major share consolidation.


Under the stock consolidation program, yet to be finalized, LUKoil-Holding is to exchange its shares for stock in its divisions to gain a total control over the subsidiaries, in which it now holds a 46-percent share, Fedun said.


"The idea is to switch from the indefinite structure of a holding company to a normal corporate principle," Fedun said. The move would greatly reduce the number of LUKoil concerns whose shares are quoted for sale on the open market.


The LUKoil expansion strategies appear to combine lobbying for its interests in the government with the use of shrewd stock operations to swallow-up smaller companies.


LUKoil's investment company and shareholders' register operator, NIKoil, is for example buying stock in the enterprises that LUKoil most wants. Vladimir Poroshin, NIKoil's marketing director, said his company holds a chunk in two of the companies mentioned by Fedun -- Kaliningradmorneftegaz and Nizhnevolzhskneft.


NIKoil has also recently acquired a significant share in the Black Sea port of Novorossiisk and in the Omsk oil refinery in Siberia. Poroshin declined to say how much stock in the four companies NIKoil had acquired for LUKoil, but he said it was "enough to make things happen." He added that he expected Kaliningradmorneftegaz shareholders to vote in favor of joining LUKoil soon.