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UPDATE 1-Russia's LUKOIL not interested in BP asset sale

* Says will not “eat the weak”

* BP has TNK-BP venture, Rosneft stake in Russia

* No decision yet on buying Conoco’s LUKOIL stake

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By Dmitry Sergeyev

ST PETERSBURG, Russia, June 18 (Reuters) - LUKOIL LKOH.MM, Russia's second-largest oil producer, said it was not interested in snapping up anything from the $10 billion asset sale with which BP BP.L hopes to help pay for its oil spill in the Gulf of Mexico. "We are not wolves, we do not eat the weak," LUKOIL head Vagit Alekperov told Reuters on Friday when asked whether Russia's largest non-state oil firm was interested in BP's assets.

Oil giant BP has said it would suspend dividends to shareholders, reduce its investment programme and sell $10 billion of assets after agreeing with the U.S. government to set aside $20 billion to pay for the spill. [ID:nN16179411]

BP, which has a Russian joint venture TNK-BP TNBPI.RTS and holds a minority stake in Rosneft ROSN.MM, has not yet decided which assets it will sell. [ID:nLDE65G1PM]

Alekperov also said that LUKOIL had not yet decided whether to buy the 10 percent stake in itself that ConocoPhillips COP.N wants to sell.

“For now it is not the time,” he said.

Conoco said in March it was planning to sell half of its 20 percent stake in the Russian company in the open market as part of a two-year plan to boost revenues and reduce debt.

At the time, analysts estimated a 10 percent LUKOIL stake was worth around $4.9 billion.

LUKOIL beat forecasts with $2.05 billion in first-quarter net profit [ID:nLDE6510QV]. (Reporting by Dmitry Sergeyev; Writing by Toni Vorobyova; Editing by Michael Shields))

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