Abramovich linked with Rosneft shares

20-07-2006

Chelsea Football Club owner Roman Abramovich is reported to have taken a large stake in Rosneft, the Russian state energy firm.

Rosneft raised $10.4 billion (£5.6 billion) on Friday through listings in London and Moscow, ahead of full trading this week.

Mr Abramovich invested $300 million in the controversial IPO, granting him around three per cent of all shares, according to the Observer.

The billionaire is thought to have bought the shares through investment vehicle Millhouse Capital.

Final allocations of stocks have yet to be disclosed.

The IPO set an initial share price of $7.55, valuing Rosneft at almost $80 billion.

BP and Malaysia's Petronas are among Rosneft's bigger shareholders.

BP bought $1 billion (£540 million) worth of shares, while Petronas about $500 million.

Chinese National Petroleum Corp received just a sixth of the shares it was seeking in the Russian oil giant's IPO.

CNPC placed an order for $3 billion shares in Rosneft but ended up with just $500 million.

Meanwhile, Rosneft's IPO faces a last ditch legal challenge from Russian oil firm Yukos.

The case is due to be heard at the High Court today.

Yukos claims Rosneft's capture of Yuganskneftgaz, its main oil producing subsidiary, was illegal.


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