Russian Lukoil Will Buy Its Shares from American ConocoPhillips

Chairman of the Board of Directors of Lukoil announced intention to buy shares of the company from the American ConocoPhillips, which can sell half of its 20-percent share in the second-largest Russian oil producer. 

"Of course, it is necessary", - said Valeriy Graifer, responding to a question about Lukoil's position with regard to repurchase of their securities.

A source close to negotiations told Reuters that the next week ConocoPhillips plans to announce the sale within three years of a half of its stake in Lukoil. 

Graifer reported that Lukoil will be determined with the question of redemption of securities at the next meeting of the Board of Directors. Lukoil's representative told Reuters that the Board of Directors is scheduled for April. 

In October last year, ConocoPhillips reported that to improve its financial condition the company intends to reduce capital investments and to sell assets at $10 billion in the next two years. UBS analysts suggested then that among the assets being sold may be some share in Lukoil, but Conoco refused this assumption that time.

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