MOSCOW, July 13 (RIA Novosti) - Rosneft, Russia's state-run oil company, could increase the value of its initial public offering to $14 billion with the issue of additional 400 million shares, a federal agency said Thursday.

The Russian crude producer is set to float up to 14.9% of its shares on stock exchanges in Moscow and London on July 14.

On June 21, the Federal Financial Markets Service registered an additional Rosneft issue of 400 million shares with a par value of 4 million rubles (about $148,000).

"There is an option in the [Rosneft's] IPO program to sell additional 400 million shares," the Federal Property Management Agency said in a statement. "Taking into account this option, the total value of the IPO could reach $14 mln or more."

The agency said that a surprisingly high number of Russian citizens had applied for shares. It valued the IPO volume on the domestic market at about $1 billion after the books were closed Wednesday.

"We can assume that a large section of [Russian] population that has not been able to become proactive participants in the stock market for various reasons is ready to invest in the shares of Rosneft, one of the leading domestic oil producers," the statement said.

The minimum bid to buy shares has been set at 15,000 rubles ($555). Rosneft earlier said the price could range from $5.85 to $7.85 per share.

The global coordinators and book-runners for the Rosneft IPO are ABN AMRO Rothschild, Dresdner Kleinwort Wasserstein, JPMorgan Securities Ltd., and Morgan Stanley & Co. International Limited.