Russian Government sells LUKoil stake in steps toward privatization

MOSCOW - The government has signed a decree to sell its stake in LUKoil, Economy Minister German Gref told reporters on Thursday. 64.638m shares (7.59 percent), with a nominal value of RUR 0.025 per share, will be put up for sale.

The privatization of LUKoil is scheduled for the third quarter of 2004. Earlier, Mr. Gref said the government’s 7.59 percent stake in LUKoil would be sold in a single lot. According to Mr. Gref, the stake will be assessed immediately after the government signs the decree on the sale of the stake.

LUKoil owns 1.5 percent of global oil reserves and accounts for 2 percent of the world’s oil production and 19 percent of oil production in Russia. The company is second in the world in terms of proven hydrocarbon reserves, and it is sixth in terms of hydrocarbon production....cont'd

http://www.russiajournal.com/news/cnews-article.shtml?nd=44768

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And from a related article about Russia's move toward privatization:

Russian Gov’t to sell stakes in largest companies

MOSCOW - The Russian government is going to sell its stakes in several largest airline companies and seaports next year. Among them are Aeroflot, KrasAir, Domodedovo Airlines, as well as ports in Novorossisk, Murmansk, St. Petersburg and Tuapse, the Novuye Izvestia newspaper reports. According to preliminary estimates, the sale of these companies “weighs” two thirds of expected privatization revenues in 2005, completely covering a ‘hole’ in the budget caused by the replacement of social benefits with monetary compensations. ..cont'd

http://www.russiajournal.com/news/cnews-article.shtml?nd=44842