Russian oil major, Lukoil, has exercised part of its ConocoPhillips buying option, taking another 4.99% of its own shares.
Lukoil and a group of investors led by Unicredit have acquired 42.5 million ordinary Lukoil shares in the form of ADR’s under an agreement with ConocoPhillips, Lukoil said in a statement.
According to Leonid Fedun, Lukoil Vice President, the main aim of the deal is to enhance the company’s attractiveness to investors and support its share prices.
"By carrying out this deal, we are purposefully implementing a program for increasing the company's investment attractiveness. This deal makes it possible to support quotations at a stable level, as it is being done with the group's own funds and, correspondingly, not increasing the company's overall debt."