Head of an American oil company ConocoPhillips James J. Mulva announced the forthcoming sale of part of the shares of the Russian company LUKOIL. Today ConocoPhillips owns 20% shares of a Russian corporation, this figure will be reduced to 10% reports Reuters.
ConocoPhillips acquired part of the shares LUKOIL in 2004, by 2006, this part was increased to 20%. Today, as part of an asset review process to reduce debt and increase shareholder payouts, the company's share portfolio is being redistributed. ConocoPhillips will remain the owner of 10% shares LUKOIL, which, according to rough estimates, is 4.9 billion US dollars. The sale of shares is scheduled to be completed by 2011.
According to management LUKOIL, the company does not intend to buy back its shares during the forthcoming sale and is not concerned about a temporary decrease in their value.