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The government has signed a decree to sell its stake in LUKoil, Economy Minister German Gref told reporters on Thursday. 64.638m shares (7.59 percent), with a nominal value of RUR 0.025 per share, will be put up for sale.
The privatization of LUKoil is scheduled for the third quarter of 2004. Earlier, Mr. Gref said the government’s 7.59 percent stake in LUKoil would be sold in a single lot. According to Mr. Gref, the stake will be assessed immediately after the government signs the decree on the sale of the stake.
LUKoil owns 1.5 percent of global oil reserves and accounts for 2 percent of the world’s oil production and 19 percent of oil production in Russia. The company is second in the world in terms of proven hydrocarbon reserves, and it is sixth in terms of hydrocarbon production.
LUKoil’s press service said the oil company was not going to take part in the privatization auction.
The company’s authorized capital is RUR 21.264m, divided into 850.563m ordinary shares.
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