Russia’s largest private oil company LUKOIL plans a buy-back worth $2-3 billion, Vice President of the company Leonid Fedun said in Hong Kong, PRIME reports.
LUKOIL purchased its shares worth $5 billion during a sales by ConocoPhillips, owner of 20% of lUKOIL.
LUKOIL plans to announce results of sales in Q2-Q3 of early this year. A new option program is planned by the end of the year. It will use reacquired stock worth about 11% in late April.
LUKOIL bought its shares worth $128 million back in January-March and spent $400 million for the purchase.
The ratio of Russian investors to foreign is 1:9.
LUKOIL increased income by 15% in 2011, according to US GAAP, to $10.357 billion, or 1.7-fold to 242.637 billion rubles, according to RAS.
LUKOIL’s assets were worth 21.26 million rubles with each share worth 0.025 rubles. LUKOIL President Vagit Alekperov owns 20.6% of shares, Fedun owns about 9.3%.
