November 2, 2018 / 10:59 AM / 10 months ago

Lukoil co-owner Fedun transfers 2 pct of company to children

MOSCOW, Nov 2 (Reuters) - Leonid Fedun, a co-owner of Russia’s second-largest oil producer Lukoil, has transferred a 2 percent stake in the company to his children, the company said.

Based on Lukoil’s current market capitalisation, the 2 percent share is worth around $1.3 billion.

Fedun’s stake in Lukoil has also been a subject of scrutiny because of his active share trading. He said last year that his stake stood at 9.5 percent and that he may transfer it to his children in the future.

A Lukoil spokesman declined to give a reason for Fedun’s deal.

Lukoil, the last large non-state oil company in Russia, Lukoil has suffered from sluggish production because its fields, located mostly in Western Siberia, are mature and depleted. But it has been focusing on growth in new producing regions, such as the Caspian Sea and Iraq.

It is facing difficulties with efforts to team up with foreign companies to develop shale oil because of Western sanctions over Moscow’s role in the Ukraine crisis.

The company also announced that it had completed the purchase and cancellation of more than 100 million of its shares.

After the deal, Chief Executive Officer Vagit Alekperov owns 26.06 percent of Lukoil common shares, the company said, up from 23 percent as of 2017-end. (Reporting by Oksana Kobzeva; writing by Vladimir Soldatkin; editing by Louise Heavens)

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