Russia's LUKoil Rules Out Taking Part in IPO of Saudi's Aramco

The Russian LUKoil oil giant will not participate in the initial public offering (IPO) of the shares of Saudi Arabia’s Aramco energy company, according to LUKoil president Vagit Alekperov.

VIENNA (Sputnik) – The Russian LUKoil oil giant is not interested in taking part in the initial public offering (IPO) of the shares of Saudi Arabia’s Aramco energy company, its president Vagit Alekperov said on Wednesday.

In January, Saudi national oil giant Aramco announced that it was considering offering shares of its corporation for sale to public investors. Aramco’s decision to go public comes amid record low oil prices, which some attribute to oversupply.

"No, we are not financial investors," Alekperov told reporters answering a corresponding question.

LUKoil president also stated that Saudi Arabia has confirmed its readiness to work with the Russian LUKoil company, as the firm is also open to cooperation with Riyadh.

"We are ready to work with Saudi Arabia. Saudi Arabia confirmed that it is ready to work with us in or out of Saudi Arabia," Alekperov told reporters.

Alekperov is currently in Vienna ahead of the Organization of the Petroleum Exporting Countries (OPEC) summit.