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LUKoil announces auction for Arktikneft
RBC, 18.08.2004, Moscow 12:36:48.LUKoil announced terms of the auction for ZAO Arktikneft (Kolguyev, the Nenets Autonomous Region). The oil company will accept bids until October 8, 2004. Investors can request tender documentation until September 3, 2004. LUKoil will announce the winner within two weeks following the bid submission deadline. The company reserves the right to declare the auction null and void without explanation. A bidder offering the highest price for the item sold will be declared the winner.
On August 17, LUKoil's management decided to sell the company's 100 percent stake in ZAO Arktikneft. This was part of the Strategic Development Program through 2013, aimed at production cost reduction, asset optimization and higher investment returns.
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Bernhard Baruch
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