Home / Energy / Lukoil CEO says no sale as Rosneft bid spree rumours swirl

Lukoil CEO says no sale as Rosneft bid spree rumours swirl

MOSCOW, June 27
Thu Jun 27, 2013 7:41am EDT

MOSCOW, June 27 (Reuters) – Lukoil has not

received any takeover offers and doesn’t expect one, its chief
said on Thursday, after it became the latest Russian oil company
to face speculation it could be a target for state oil company
Rosneft.

Since its record $55 billion deal to buy TNK-BP, creating
the world’s largest listed oil producer and by far the largest
in Russia, Rosneft has been the subject of speculation it will
embark a fresh buying spree despite large debts.

Its powerful CEO, Igor Sechin, an ally of President Vladimir
Putin, has fashioned Rosneft into an instrument of state control
of the oil industry, and many industry sources believe it could
pursue more acquisitions, including large ones.

“It would be tough to buy us, practically impossible,” Vagit
Alekperov, the head of Lukoil, the No. 2 producer in the world’s
largest oil producing country, told reporters at the company’s
annual meeting.

This week, a Russian newspaper reported that Rosneft was
targeting Bashneft, a mid-sized producer, and was
reviewing an offer to take stakes in assets held by Poland’s PKN
Orlen in exchange for increased crude deliveries.

The owners of both businesses denied talks were taking
place, as did Rosneft.

“We have received no offers from anyone,” Alekperov added,
after Russian media and industry sources said Lukoil might also
be on the radar of Rosneft.

(Reporting by Olesya Astakhova; Writing by Melissa Akin;
Editing by Mark Potter)

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