Lukoil, Russia's biggest independent oil producer, said Monday it would not overpay for the 25% stake in compatriot Bashneft the government is planning to divest to provide much-needed income to state coffers. As it reduces investment and focuses on efficiency in the low-price environment, "every dollar is being fought for" inside the company, according to Lukoil's vice president for finance, Alexander Matytsyn. Lukoil, which saw its net profit drop by more than 26% last year under International Financial Reporting Standards (IFRS), reiterated it would be interested only in a controlling stake in Bashneft.
展开▼
