LUKoil Planning To Publish Results Early To Bolster State Sale Success

Russia's top oil producer, LUKoil, have said that they will publish US standard earnings for 2001 and the first quarter of this year by June 15th, thus helping the Russian government to sell a 5.9 percent of the company on the equity markets in London. That also would mean that the results to US generally accepted accounting standards would be ready for the company's annual general meeting, which is set for June 20th, said Dmitry Mazepin, First Deputy Chairman of Federal Property Fund. “All accounting technicalities needed for the sale will likely be in place by June 15,” Mazepin told an investors' conference yesterday in Moscow. Russia plans to sell fifty million Lukoil shares to help meet its target to raise $1.1 billion this year from state asset sales. The state would have raised $906 million from the stake at yesterday's closing price. The sale would cut Russia's holdings in LUKoil, which accounts for about a fifth of the output in the world's second largest oil exporting country, to less than ten percent of total equity.

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