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Monday, May 19, 2008

$1bn buys Alekperov top Lukoil spot

12 May 2008 - Upstream OnLine - Lukoil president Vagit Alekperov has become the largest shareholder in the Russian oil company by paying 24.6 billion roubles ($1.03 billion) for 11.13 million shares, increasing his stake by 1.3% to 20.4%. Last year, Lukoil said Alekperov, his wife Larisa and son Yusuf owned 162.381 million shares, or 19.1% of the company’s shares, according to Reuters. Company vice president Leonid Fedun also bought 6.71 million shares for 15.146 billion roubles ($635.3 million), increasing his stake in the company to 9.09 percent from the 8.3 he owned last year. Alekperov and Fedun now have a combined stake of about 30%, which is enough to veto board decisions. US supermajor ConocoPhillips holds a 20% stake in Lukoil, Russia’s second largest oil producer.

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