May 29, 2012 / 6:09 AM / 7 years ago

Russia's Lukoil confirms plan to list in Hong Kong

HONG KONG (Reuters) - Russia’s No.2 oil producer NK Lukoil OAO (LKOH.MM) said on Tuesday that it plans a secondary listing in Hong Kong through the buyback of existing shares of more than $1 billion.

Vice-President Leonid Fedun, who was speaking at a media briefing in Hong Kong, told reporters in Hong Kong that the company was in final talks to hire China International Capital Corp (CICC) and Renaissance Capital to handle the listing, without giving a timeframe.

He added that the company would also consider listing in Shanghai when conditions matured.

On Monday, Lukoil reported a forecast-beating 7.7 percent increase in first-quarter earnings to $3.79 billion, with higher oil prices helping to offset a slight fall in production.

Hong Kong Exchanges & Clearing Ltd (0388.HK), the world’s second-most valuable exchange operator, has been pushing to promote Hong Kong as a listing venue for foreign companies.

(Corrects final para to say HKEx is world’s second-most, not most, valuable exchange operator)

Reporting by Charlie Zhu; Editing by Chris Lewis

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