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LUKoil to Buy More Shares

By The Moscow Times

LUKoil chairman Valery Graifer told Interfax on Tuesday that the company will buy all its shares held by ConocoPhillips, after concern over a remaining packet hit the stock a day earlier.  

LUKoil had said Sunday that it would exercise an option to buy $2.38 billion in depositary receipts from Conoco, leaving the U.S. oil major with a 6.15 percent stake in the Russian firm. The value of the stake exceeds $3 billion, at current share prices. Graifer also said LUKoil will challenge the rejection of its application to bid for the Trebs and Titov oil fields, according to RIA-Novosti.

(Reuters, Bloomberg)


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