26 Mar 2012 16:08

Cypriot Lukoil subsidiary increases Lukoil stake to 9.19%.

MOSCOW. March 26 (Interfax) - Lukoil Investments Cyprus Ltd. has increased its share interest in Russian oil major and parent company Lukoil from 9.06% to 9.19%, a statement from the oil company says.

The acquisition took place on March 15.

Lukoil announced last summer that it had transferred from the balance sheet of Lukoil Finance to that of Lukoil Investments Cyprus a Lukoil treasury stake of 7.6%. As a result, the stake in Lukoil investments rose to 8.24%. Prior to that, Lukoil Finance had bought on August 16 purchased from Conoco 7.6% of the stock in Lukoil at $53.25 per share for a total of $3.44 billion. The Cypriot subsidiary increased its stake in the oil company to 8.95% last December.