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Lukoil bosses boost stakes



By Upstream staff 

Top managers at Russian outfit Lukoil and their families bought $460 million worth of the company's stock this month, the producer said today.

The deal follows completion of regular stock purchases by US supermajor ConocoPhillips, which reached its target of 20% in the Russian company late last year.

Lukoil chief executive Vagit Alekperov, who is believed to hold up to 20% in the company, bought 1.539 million of ordinary shares worth 3.34 billion roubles ($126.7 million) on 9 February, the company said in disclosure documents.

Vice president Leonid Fedun bought 1.834 million voting shares worth 3.93 billion roubles a day earlier. Market sources believe Fedun may own between 5% and 10% of Lukoil's shares.

Alekperov and Fedun have said they would sell non-core assets such as banking business and build up their stakes in the oil company.

The company also said that on 9 February Alekperov's wife Larisa Alekperova, and his son, Yusuf Alekperov, bought 1.140 million and 1.092 million shares respectively worth a combined 4.844 billion roubles.

The statement also said Russian investment bank Uralsib, sold 2.544 million shares worth 5.519 billion roubles on the same date. The statement did not say whether the deals were connected.

Last year Lukoil promised to start a $3 billion share buy-back in early 2007 after ConocoPhillips finishes building up its stake in the company.

Alekperov is ranked Russia's second richest man by US magazine Forbes with personal wealth of $12.7 billion, while Fedun holds the 18th spot with a personal fortune believed to be $5.2 billion.


Tuesday, 13 February, 2007, 18:27 GMT  | last updated: Tuesday, 13 February, 2007, 18:27 GMT

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