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. Last Updated: 07/27/2016

State Tenders Lukoil Shares

Russia will take bids for a tender for 9 percent of LUKoil, the country's biggest oil producer, from Sept. 13 to Oct. 26, Interfax quoted a government official as saying Friday.

Igor Shuvalov, head of the Federal Property Fund, was quoted as saying the starting price for the 67 million shares would be $200 million. The winner will also have to make a $240 million investment within six months, he said.

Shuvalov also said the government had set a 176 ruble ($6.85) price for each LUKoil share at a special auction for a 1 percent stake in the company. He said the special auction, which more than one bidder could win, would be held at the same time as the investment tender.

Winners will then get shares in proportion to their bids.

LUKoil ordinary shares closed at $7.80 Friday.