LUKoil, Russia's second largest oil producer, plans to challenge the rejection by the government of its participation in an auction for the giant Trebs and Titov oil deposits in the country's far north, LUKoil Chairman Valery Graifer said on Tuesday.
"We'll challenge it," Graifer said, adding the company would use all available methods.
On Monday, a government commission cleared only Bashneft, an oil division of AFK Sistema holding company belonging to billionaire Vladimir Yevtushenkov, and Surguneftegas to participate in the sale, rejecting bids by LUKoil, TNK-BP, Gazprom Neft, the oil arm of gas giant Gazprom, and Nord Imperial, part of India's ONGC.
The commission claimed the companies' bids contained procedural infringements.
LUKoil to challenge denial to participate in Trebs, Titov auction
Source : RIA Novosti