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Lukoil lines up HK listing

May 30/2012

(upstreamonline) -- Lukoil looks set to beat a path to a Far Eastern bourse as the Russian oil major reportedly lines up a listing in Hong Kong next year.

Shanghai may also appear on the oil producers radar although it is not planning on issuing any new shares, according to media reports. "We want to access a new class of investors," the Financial Times quoted vice president Leonid Fedun as saying. "The world is changing. Asia is playing a greater role in politics and economy."

The newspaper cited Fedun as saying no new shares would be issued in a planned secondary listing in Hong Kong in mid 2013. Instead the company would shift existing stock over to the Asian bourse which would be accessible through buybacks.

Fedun said Lukoil is in final negotiations with China International Capital Corp and Renaissance Capital to handle the deal, while Shanghai may become another option further down the line.

Lukoil has just unveiled an improved first-quarter result on the back of higher oil prices and increased gas production in Uzbekistan.

Author:Anna Larionova
Category:General News
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