Russia's LUKOIL to issue 100 bln rbls in bonds

MOSCOW, June 24 (Reuters) - LUKOIL LKOH.MM, Russia's second biggest oil producer, announced on Wednesday that its board of directors had approved borrowing 100 billion roubles ($3.23 billion) in bonds to spur growth, the company said in a statement.

Seeking to replace production from maturing fields in western Siberia, the company has been investing heavily in new fields in northwest Russia and the Caspian Sea.

The firm will issue documents for registration of a programme of non-convertible interest-bearing documentary rouble bonds, consisting of 10 offerings and maturing in 10 years.

It said the timings and issuance of the offerings will be “determined by the market situation”.

Troika Dialog Investment Company and Raiffeisenbank will act as the underwriters of the issue, which will take place on the MICEX stock exchange. ($1=30.98 roubles) (Reporting by Ben Judah; Editing by Greg Mahlich)