26 Oct 2010 18:13

Alekperov borrows $1.5 bln with 9% Lukoil shares as security

ISTANBUL. Oct 26 (Interfax) - Lukoil chief Vagit Alekperov has borrowed $1.5 billion with 9% of the oil company's shares as collateral, he told reporters in Istanbul.

Reports have said Alekperov took part in the buyback from ConocoPhillips.

ConocoPhillips, which owned almost 20% of Lukoil in the spring, might sell the shares it has left after a buy-back option was partially exercised on the market until the end of 2011.

Lukoil bought back 7.6% of its shares from Conoco for $3.44 billion on August 16 under an agreement with the shareholder, and another 4.99% on September 26 under an option. Conoco owned 11.6% of Lukoil prior to September 26 and 6.15% immediately after the option.

Lukoil sold the 4.99% for $2.38 billion to UniCredit Bank as soon as it had bought the shares back. Conoco has now reduced its stake in Lukoil to 4%.