OAO Lukoil Holdings (LKOH.RS) shares fell as much as 2.3% Tuesday after the Russian oil producer's chief executive said it has no plans to buy back its shares from ConocoPhillips (COP).
OAO Lukoil Holdings (LKOH.RS) shares fell as much as 2.3% Tuesday after
the Russian oil producer's chief executive said it has no plans to buy back its
shares from ConocoPhillips (COP).
U.S.
oil
major ConocoPhillips plans to sell half of its 20% stake in Lukoil, the
Interfax news agency reported Tuesday citing Lukoil CEO Vagit Alekperov.
"We have a preemptive right to buy back (shares held by Conoco), but so
far I don't find this necessary," said Alekperov.
Lukoil shares declined following Alekperov's comments, and the stock was down
1% at RUB1673 at 1447 GMT in
Moscow
,
compared with drops of 0.4% for the Micex Index and 0.2% for state-controlled
rival OAO Rosneft.
Alekperov said ConocoPhillips may sell the shares on the open market in small
batches. The shares will be "sold very carefully" and won't
significantly hurt Lukoil's share price, he added.
Last October, ConocoPhillips said it would sell about $10 billion worth of
assets over the next two years as part of a restructuring plan to shore up its
finances.
The company said then that it would keep its stake in Lukoil, but news reports
last week said ConocoPhillips is ready to divest half of its shares within the
next three years.
ConocoPhillips, the third largest
U.S.
oil
company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX),
acquired in 2004 a 7% stake in Lukoil, an interest that over the years
increased to 20%.
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