25 Jun 2009 14:42

Lukoil management to continue buying up company shares

MOSCOW. June 25 (Interfax) - Lukoil management will continue buying up the company's shares, Lukoil Vice President Leonid Fedun told the Vesti-24 news channel.

"Share purchases will take place on the growing market immediately after dividends are paid," he said.

"We traditionally spend a large part of dividends on share buybacks," he said.

"Given the current oil prices of $60 per barrel, a price of $50-$60 per Lukoil share appears justified. You are aware that company president Vagit Yusufovich Alekperov and I have been buying shares since the first moment they began to fall. Now, when growth trends are being seen, we also try to do this immediately after receiving dividends," Fedun said.

Fedun increased his stake in Lukoil by 0.12% to 9.24% in fall 2008 when he purchased 1.01 million shares for 1.718 billion rubles.

Alekperov and chairman of the board Valery Grayfer also reported that they had bought Lukoil stock when prices went down.