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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