LUKoil not to bid for Slavneft

LUKoil will not take part in the auction on selling the government's 74.95-percent stake in Slavneft, the press service of the company told RBC citing President Vaghit Alekperov's statement. According to him, the company believes it is unprofitable to take part in the tender.

Earlier, LUKoil Vice President Leonid Fedun told RBC that the company had set strict norms for profitability of projects, in accordance with LUKoil's long-term program on development. As a result the company lost some tenders, in particular on selling the Greek corporation Hellenic Petroleum.

Russia's second largest oil company YUKOS also refused to participate in the Slavneft tender, while the Tyumen Oil Company (TNK), Sibneft, Surgutneftegaz and Rosneft are among bidders.

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