MOSCOW, June 7 (RIA Novosti) - Rosneft is planning to launch its initial public offering in mid-July on two bourses in Moscow and London, the director of the National Depositary Center said Wednesday.
The state-owned oil company's IPO, to be held on the Moscow Interbank Currency Exchange and the London Stock Exchange, has been valued at between $8 billion and $20 bln.
Nikolai Yegorov said the IPO's road show would start June 26.
Rosneft will use part of the funds it raises to pay off a loan that Rosneftegaz, a state-owned company that owns 100% minus one share of Rosneft, took to buy 10.74% of stock in Russian energy giant Gazprom.
Rosneft has a charter capital of 90.92 million rubles (about $3.3 million), and its ordinary shares have a face value of 1 ruble each. Company experts estimate its value at $25 billion.
The company said in May its proven reserves as of December 31, 2005, were 18.9 billion barrels of oil equivalent, including 14.9 bln barrels of crude and 691 bln cubic meters of natural gas.
