Russia’s Lukoil exec says skeptic about Bashneft privatization

MOSCOW, Apr 4 (PRIME) -- Russian oil major Lukoil Vice President Leonid Fedun feels skeptic about privatization of oil company Bashneft, as the firm’s price has significantly grown since its possible privatization was announced, while no certain steps have been so far made, he said during a conference call Monday.

“The price of Bashneft shares has grown since the privatization was announced and the company is undervalued today, if we look at multipliers we see that it costs more than Lukoil already now,” he said. “Bashneft is currently on the peak of its development,” he added.

Lukoil will not even consider buying 25% in Bashneft, Fedun said when asked about the size of the stake in Bashneft that Lukoil was ready to buy.

The Federal State Property Management Agency currently holds 50.08% in Bashneft and the republic of Bashkortostan has a 25% plus one share stake.

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