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Lukoil, Russia's integrated oil company, plans a second phase of privatization in which Russian and foreign investors will be invited to buy shares in the company.
First, Russian investors will be offered shares totaling 20.4% of the company's registered capital.
Lukoil estimates its current market value at $850 million, based on Russian voucher market prices and investments in Lukoil at recent voucher auctions.
Another 15% of the company's shares will later be offered to foreign investors. Lukoil plans to become the first major Russian production company to place blocks of its shares on western markets.
Lukoil hopes to raise as much as $10 …