Russian Oil Co. Joins London Bourse

[Dover]

Russian Oil Co.
Joins London Bourse

LONDON, July 19--Russian oil company OAO Rosneft made its debut on the London Stock Exchange on Wednesday, after a British judge rejected a challenge from OAO Yukos that allowing the stock to trade would constitute the sale of stolen property.
According to AP, the initial public offering of the state-controlled company has seen strong demand from strategic investors, including BP PLC, despite Yukos’ claims that Rosneft’s value resulted from the seizure of Yukos assets by the Russian government.
Yukos spokeswoman Claire Davidson said Tuesday that the company was considering the possibility of an appeal to a higher court--but had not yet done so.
“We believe the case was decided on a technical point of law and expressly did not deal with the theft of our assets,“ she said.
Yukos disputed the 2004 Russian auction of its massive Yuganskneftegaz production unit to pay off disputed back tax bills, saying it was expropriation and the listing would therefore be selling stolen goods.
Mark Howard, for OAO Rosneft, called the Yukos suit a “spoiling tactic“ rather than a serious bid for justice...cont'd

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