MOSCOW, January 23 (Itar-Tass) —— The management of the Russian oil giant LUKOIL will assign considerable funds for the purchase of the company’s shares, LUKOIL Vice-President Leonid Fedun told a teleconference on Monday.
“LUKOIL President Vagit Alekperov has already purchased the company’s shares, and I am going to take such a step,” Fedun told by phone.
Earlier, Itar-Tass reported that LUKOIL President Vagit Alekperov purchases 92,000 shares of the company last week. Alekperov paid 165.455 million roubles (about 5.3 million U.S. dollars) for the shares. Therefore, the cost of a share made up 1,798 roubles, while the current cost of the company’s share is estimated at 1,820 roubles per share. The deal was carried out over two purchases – 57,000 shares and 35,000 shares, the company said.
According to Fedun, the LUKOIL management take substantial efforts to buy a 20-percent stake in the company, which previously belonged to the US Conoco. This step made it possible to keep the company’s quotations at a rather high level.
LUKOIL’s equity capital was divided into 850,563,255 regular shares. CEO holds about 20 percent of the chartered capital.
LUKOIL is one of the world’s leading vertically integrated oil and gas companies. Main activities of the company are exploration and production of oil and gas, production of petroleum products and petrochemicals, and marketing of these outputs. Most of the company’s exploration and production activity is located in Russia, and its main resource base is in Western Siberia. LUKOIL owns modern refineries, gas processing and petrochemical plants located in Russia, Eastern and Western Europe, near-abroad countries. The company’s products are marketed in Russia, Eastern and Western Europe, in near-abroad countries and the USA.