LUKoil may start placing its GDR this month

LUKoil plans to start placement of its GDR totaling 5.9 percent of the company's shares at the London Exchange on July 31, Vagit Alekpyorov, president of LUKoil, declared at a press conference in Volgograd.

A road show is expected to take place in London, New York and Boston on July 26-27, 2002.

As it was earlier reported, the placement of a 6 percent block of shares out of a 13 percent stake that belongs to the state was scheduled to 2001.However due to an unfavorable situation it was postponed.

LUKoil's consolidated profits were $2.11bn in 2001, according to GAAP. Sales proceeds amounted to $13.56bn. The oil production growth in 2001 was 0.8 percent.

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