Russia's Oil Giant To Postpone IPO

Russian state-run oil giant Rosneft may delay its long-expected IPO on the London and Moscow stock markets.

The move could raise about GBP5.5bn ($10.4bn) for the state-owned firm.
But the flotation which was scheduled on July may now be delayed till the final three months of 2006, according to one of its directors.

A delay beyond the end of September would breach the terms of a $7.5bn loan it holds, according to reports, meaning it would have to repay it.

The loan was given to Rosneft's parent company Rosneftegaz by a consortium of large Western banks last year, and was to be paid off after the flotation.