Russia will auction off its stake in Lukoil

0 Comments | AFP, May, 2004

MOSCOW (AFP) — The Russian government will auction off its 7.6-percent stake in the country's second-largest oil company Lukoil, Economic Development Minister German Gref revealed.

He said in a report carried Thursday by the Interfax news agency the government would discuss the move next week and would then announce dates and details of the sale.

The sale of its shares in Lukoil is among the government's most pressing privatization priorities this year.

Gref added that by contrast the state wants to boost its 38 percent holding in gas giant Gazprom.

Analysts have said it was likely the government would agree to liberalize stock transactions in Gazprom only when it was assured of controlling at least 50 percent of the group's capital.

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