Russia Confident It Can Sell 5.9% Stake in Lukoil
Wednesday, July 31, 2002
Enough orders have been received to sell the 5.9% stake in Lukoil. The Russian government has more than covered the share it plans to sell as American depositary receipts. The Lukoil stake offered for sale is worth $711 million at today's closing price in Moscow. Russia is cutting its stake in Lukoil to help offset a decline in revenue amid a second straight year of slowing economic growth. The country's foreign debt payments will peak at about $17 billion next year. A Lukoil spokesman commented that the demand for shares is high and a final decision on the sale will be made by government officials this evening.