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Wednesday, September 05, 2007

Alekperov hits out at state players' clout

30 August 2007 - Upstream staff - Lukoil boss Vagit Alekperov voiced his concern at the growing power of state-controlled energy players today. Alekperov's unusually forthright remarks appeared directed chiefly at Rosneft, whose acquisition of assets of bankrupt oil player Yukos has helped it overtake Lukoil to become Russia's top oil producer. "The growing strength of state companies is a concern," Reuters quoted Alekperov as saying. "We do not want there to be a divide between private and state companies. I think that all companies should be national companies." Meanwhile, he said the company's joint venture with US supermajor ConocoPhillips in Russia's Timan Pechora region should come on stream next year Alekperov also told a news conference that he would continue to build his personal stake in Lukoil, Reuters reported. The company said on 3 July that Alekperov had paid $1.4 billion to buy 18.3 million shares. As of April, Alekperov owned 16.9% and vice-president Leonid Fedun held 8.3% of Lukoil.

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