Russian Oil Firm to Sell Shares

Russia’s biggest oil conglomerate plans to offer shares to the public in the latest major privatization project aimed at giving the industry a new competitive edge, a Russian official said. “Shares in Lukoil and its subsidiaries will be offered at auctions,” said Dmitry Romanov, deputy head of the State Property Committee department responsible for oil industry privatization. Interfax news agency said the auctions could take place in March, but Romanov could not confirm this. Last year, Lukoil produced 976,000 barrels a day of crude oil, almost 14% of Russia’s total output. It exported 104,000 barrels a day.