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. Last Updated: 07/27/2016

LUKoil Pre-Empts Buy

MOSCOW -- Russia's largest oil company LUKoil will exercise its pre-emptive right to buy 50 percent of the KomiArcticOil joint venture from Britain's BG PLC for $28 million, the company said Thursday.

This will block the sale to Bitech Fortum Energy Co. Ltd. that announced Tuesday it had agreed to buy the stake for $28 million.

LUKOIL is a shareholder in the joint venture as the owner of Komineft, which holds 10 percent of KomiArcticOil. This gives it the right of first refusal to buy any stake sold by another shareholder under Russian law on Closed Joint Stock Companies.