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Lukoil does not plan to invest in Saudi Aramco IPO

November 12/2019

MOSCOW (MRC) -- Lukoil, Russias second largest oil producer, does not plan to invest in Saudi Aramcos planned initial public offering, its CEO and biggest shareholder, reported Reuters with reference to Vagit Alekperov's statement.

Saudi state oil giant Aramco plans to start the offering, set to rank it as the worlds most valuable company, on Nov. 17.

It has not said how much of the company will be floated or named any cornerstone investors.

"Lukoil is not considering investing in Saudi Aramco shares. Lukoil is not an institutional investor," Alekperov said.

The head of Russias RDIF sovereign wealth fund said last week that the Russia-China Investment Fund is working to attract Chinese investors for Saudi Aramcos IPO.

According to ICIS-MRC Price report, Stavrolen (part of Lukoil), Russia's major polyolefins producer, resumed its polypropylene (PP) production in Budennovsk after a long scheduled turnaround. The plant's customers said Stavrolen had fully resumed its PP production after the long scheduled maintenance by 15 October. The outage began on 6 September. The start-up of the plant"s high density polyethylene (HDPE) production took place with a week delay.

Lukoil  is one of the leading vertically integrated oil company in Russia. The company's main activities include operations for exploration and production of oil and gas, production and sale of petroleum products. Lukoil is the second largest private oil company worldwide by proven hydrocarbon reserves. Lukoil's structure includes one of the largest Russian petrochemical plant - Stavrolen.

Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, HDPE, petrochemistry, Saudi Aramco, Lukoil, Stavrolen, Russia, Saudi Arabia.
Category:General News
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