RIA Novosti citing Mr Leonid Fedun LUKoil Vice-President as saying that, Russia largest privately run oil company LUKoil may float its shares on the Hong Kong Stock Exchange in 12 to 18 months.

Mr Fedun had previously said LUKoil could hold a secondary public offering for 13% of its equity on an Asian exchange. The shares which the Russian oil company plans to float in Asia, represent a share package previously repurchased from US energy giant ConocoPhillips.

Mr Fedun said "It will certainly be Hong Kong. This is a lengthy process a YoY and a half. It is necessary to identify the legislation, adding that the company did not plan to attract a strategic partner.”

Mr Fedun said now that ConocoPhillips has withdrawn from the company capital, LUKoil intends to focus on scientific developments and scientific discoveries to promote the company's further growth.

(Sourced from RIA Novosti)