Lukoil, the biggest privately-owned oil company in Russia, said Wednesday it is considering a buyback of $2-$3 billion of its Moscow-listed shares to later sell them as part of a secondary share listing on the Hong Kong Stock Exchange.
The company, whose shares are already traded in Moscow and London, said it does not intend to issue new shares in connection with the proposed listing.
Lukoil vice president Leonid Fedun said earlier this month that the company’s secondary public offering in Hong Kong could occur as early as in 2013, with a placement on Shanghai stock exchange likely to follow.
Lukoil’s capitalization is around $44 billion.