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14

LUKoil Auctions Its Bank Assets

Russian biggest private oil company LUKoil is likely to sell its remaining

Russian biggest private oil company LUKoil is likely to sell its remaining 17.4 percent stake in Petrocommerz bank as it seeks to cut operating costs by getting rid of non-energy assets.

The shares will be sold at an auction on Dec. 9. The deadline for submitting bids is Dec. 6.

The highest bidder will have to pay for the stake within five days of signing a purchase agreement, the announcement said. A new auction for the shares will be held Dec. 23 if no bids are received.