The placement of LUKoil's 5.9 percent stake on the New York Stock Exchange will probably occur before August 2002, deputy property minister Alexander Braverman told journalists today. According to him, stock markets usually experience a "dead season" in August and the Property Ministry plans to make the placement before this time. However the official did not specify the stage of preparations on this project.
As Braverman earlier reported, LUKoil's shares may be sold at $12 to $13 per share in a favorable situation. Moreover, it is known that the government should prepare a special document concerning the issue of derivative securities. At present the Russian Federal Property Fund, Property Ministry and Morgan Stanley with its subcontractors are working on this project.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969