The Russian government on Thursday announced the auction of its $1.7bn stake in Lukoil
Published:
23 July 2004 y., Friday
The Russian government on Thursday announced the auction of its $1.7bn stake in Lukoil and separately met executives from ConocoPhillips, which is in talks about expanding its relationship with the Russian oil company.
The US oil group is considering a deal that would see it buy not only the government stake but also expand its joint venture there and possibly buy shares owned by Lukoil's management.
The news emerged last night after Yukos, Russia's biggest oil company, warned that it could be bankrupt within a month if the ministry of justice sells its main production subsidiary and keeps a freeze on other assets.
It is unclear as yet whether any deal would lift Conoco above the 25 per cent ownership threshold, which is sought by many oil companies investing in Russia because it gives them the ability to block unfavourable decisions by the company.
Russian government ministers yesterday met to approve the sale of the state property fund's 7.6 per cent holding in Lukoil. An auction for the stake is expected to take place later this year.
In an environment in which government support for corporate deals in seen as crucial, Vladimir Putin, the Russian president, yesterday met James Mulva, chief executive of Conoco.
Mr Putin said that he knew about Conoco's "plans to invest" in Russia and wished the company success.
Šaltinis:
news.ft.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
An aviation agreement has been signed today by the European Union and the Vietnamese authorities which will remove nationality restrictions in the bilateral air services agreements between EU Member States and Vietnam.
more »
The European Investment Bank marked the 50th anniversary of the Republic of Cyprus and its 30 years of activity in the country with a public ceremony celebrating the signature of a total of EUR 180 million for urban environment.
more »
In response to the financial crisis, the Commission has put forward legislative proposals to strengthen and expand existing tools for coordinating economic and fiscal policy in the EU.
more »
In the first meeting of the SME Finance Forum, possible means to improve the current situation of access to finance were discussed, such as the introduction of a grace period for firms in difficulties, the involvement of credit mediators and improved loan guarantees.
more »
The EU budget is no simple matter, but then no budget ever is.
more »
Parliament will be crucial in avoiding a “lowest common denominator” approach when helping to design the EU's new economic governance architecture, ECB president Jean-Claude Trichet told the Economic and Monetary Affairs Committee on Monday.
more »
With a multitude of language-related events taking place on or around 26 September, the main themes for this year's European Day of Languages are business and jobs.
more »
The EU disbursed today € 1.15 billion to Romania, the third instalment of a € 5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.
more »
The European Investment Bank has agreed to lend GBP250 million for the replacement, reinforcement and expansion of the gas distribution networks operated by Scotland Gas Networks and Southern Gas Networks.
more »
The bargaining positions of all players in the human food chain must be rebalanced, and fair competition enforced by law, to ensure fair returns to farmers and price transparency to consumers, says Parliament in a resolution voted on Tuesday.
more »