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LugaNeft may IPO in 2010, no plans to make acquisitions, CFO says

LugaNeft may IPO in 2010, no plans to make acquisitions, CFO says

LugaNeft, a Russian private oil and gas condensate producer based in Tyumen region, will not list any earlier than 2010, if at all, Tyumen CFO Artem Bulkina said.

Speaking to this news service at the EBRD annual meeting in Kiev, Bulkina also said the company has no plans to either tap debt markets or grow through acquisitions.

The company recently sold an 8.15% stake to the European Bank for Reconstruction and Development (EBRD) for USD 85m.

This will enable LugaNeft to cut greenhouse gas emissions from its East Siberian oilfields by re-injecting associated gas instead of flaring it. Preliminary assessments indicate that the company could reduce its carbon dioxide equivalent emissions by more than 350,000 tonnes a year.

The EBRD will work with the company on finding how these reductions could qualify for a carbon credits projects under the joint implementation mechanism of the Kyoto Protocol.

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