Rosneft makes quiet start

20-07-2006

Rosneft makes quiet start
Shares in Rosneft stayed close to their offer price yesterday as the state-controlled Russian oil giant made its first foray on the London Stock Exchange.

Rosneft traded around the float price of $7.55 and closed at $7.52.

After getting the all clear from the High Court following a late challenge from Yukos Oil, which alleged Rosneft acquired its Yuganskneftegaz asset illegally, shares traded at a high of $7.62.

Some 4.5 million shares in the firm exchanged hands yesterday.

The offer price gave Rosneft a value of nearly $80 billion.

BP has bought $1 billion (£540 million) worth of shares.

Rosneft shares also began trading yesterday on the Moscow Interbank Currency Exchange (MICEX) bourse.

There the opening price was 220.32 roubles ($8.13), up on Friday's opening initial price of $7.55.

Other key investors are Malaysia's Petronas and China's CNPC.


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