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Lukoil Russia Opec Novatek Rosneft Gazprom
Jason Corcoran
Moscow
19 December 2017
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Lukoil mulls Treasury shares sale option

Russia's largest privately-owned oil producer hopes its new long-term strategy will help maintain its status as a market favourite

Lukoil remains a sweetheart among investors, due to its western-style management and its progressive dividend policy—it is regarded as the "consensus-long" bet amongst Russian stocks. But investors are keen to see fresh drivers for the company's growth and believe disposal of its treasury shares could be one promising avenue. The Treasury shares—issued ones that the firm holds itself—represent around 16% of the company's total equity and currently reside offshore in Cyprus. One option is to sell them on the stock market and raise funds for the implementation of large-scale projects, while a second option would be to distribute them among shareholders. "Despite positive governance changes at

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