UPDATE 1-Russia's LUKOIL eyes 5-yr, 10-yr eurobond

* Oil firm may raise up to $1.5 billion

* No firm price guidance yet

MOSCOW, Oct 27 (Reuters) - LUKOIL (LKOH.MM) is looking at maturities of five and 10 years for a benchmark Eurobond set to become the first issue by a non-state Russian firm since the onset of the financial crisis, sources said on Tuesday.

"The company plans a five-year tranche of up to $500 million and 10-years tranche of between $500 million and $1 billion, should the price seem good for LUKOIL," the banking source said.

Russia's No.2 oil firm started a road show on Oct. 26 amid rising investors' appetite for emerging markets issues.

The expected price range for the issue varies widely, bond traders said, with the latest talk being of 7.00-7.25 percent.

"It looks like there is still no firm price guidance at the moment," the trading source said.

(Reporting by Dmitry Sergeyev and Oksana Kobzeva; editing by John Stonestreet)