Lukoil Seeks to Buy Back Shares from Foreign Investors: IFX
Lukoil fuel storage tanks at Rosenets Port terminal.
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Russia’s second-largest oil producer Lukoil PJSC aims to buy out as much as 25% of its shares from foreign investors, using funds accumulated on its bank accounts abroad, Interfax reported citing unnamed people familiar with the situation.
The producer, which has submitted the buyback request to Russian authorities, aims to purchase the shares, including depositary receipts, at a discount of at least 50%, according to Interfax. Earlier this summer, Russian retailer Magnit PJSC repurchased nearly 17% of its shares from foreign investors at a discount.