November 11, 2019 / 1:02 PM / a month ago

Russia's Lukoil does not plan to invest in Saudi Aramco's IPO

FILE PHOTO: Lukoil logos are pictured at Gorkovsky Automobile Plant (GAZ) in Nizhny Novgorod, Russia April 16, 2019. REUTERS/Maxim Shemetov

ABU DHABI (Reuters) - Lukoil, Russia’s second largest oil producer, does not plan to invest in Saudi Aramco’s planned initial public offering, its CEO and biggest shareholder, Vagit Alekperov, told reporters on Monday.

Saudi state oil giant Aramco plans to start the offering, set to rank it as the world’s most valuable company, on Nov. 17.

It has not said how much of the company will be floated or named any cornerstone investors.

“Lukoil is not considering investing in Saudi Aramco shares. Lukoil is not an institutional investor,” Alekperov said.

The head of Russia’s RDIF sovereign wealth fund said last week that the Russia-China Investment Fund is working to attract Chinese investors for Saudi Aramco’s IPO.

Reporting by Stanley Carvalho and Dahlia Nehme in Abu Dhabi and Olesya Astakhova in Moscow; writing by Katya Golubkova; editing by Jason Neely

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