Source Pravda.Ru

Ritek sells 6.4% stake to LUKoil

The Russian oil company Ritek sold 6.4 percent of its shares to LUKoil for $7.5m, the Ritek's press service reported. The shares were bought by Ritek from one of the Tatneft's shareholders for $7m in December 2002. Ritek spent $7.82m to buy out 7 percent of its shares since September 2002. Meanwhile, the share prices gained 50 percent during this period. The company intends to spend some $5m to buy out 3 percent more of its stocks in 2003.

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