The press service of the Russian government has published Prime Minister Mikhail Fradkov's order to auction Lukoil's state-owned shares.
The government is selling 64,638,729 LUKOIL shares, or 7.59% of the company's authorized capital, in a single lot with open submission of bids. The nominal price of one share is 0.025 rubles.
The shares will be sold "in compliance with the forecasting plan (program) of the federal property privatization for 2004 and the main trends of federal property privatization till 2006," reads Mikhail Fradkov's order.
The proposal of the Russian Economic Development and Trade Ministry to sell Lukoil's state-owned shares has been coordinated with the Finance Ministry, Industry and Energy Ministry and the Federal Anti-Monopoly Service.
The Economic Development and Trade Ministry was instructed to see to it that the auction proceeds in the set order and to sum up its results in the third quarter of 2004.