LUKoil plans SPO on Asian exchange

"To my mind, it would be logical to hold the SPO on an Asian stock exchange. It is not a secret that today the main supplier of money is China. If it maintains its current growth rates, the yuan will start edging out the U.S. dollar with time. And we want LUKoil to be the first on the way of money flow from China," Fedun told the paper.

The shares which the Russian oil company plans to float in Asia, represent a share package previously repurchased from U.S. energy giant ConocoPhillips, he said.

"For the time being, however, our priority task during the year is to get a listing on the Hong Kong stock exchange," he said.

Now that ConocoPhillips has withdrawn from the company's capital, LUKoil intends to focus on scientific developments and scientific discoveries to promote the company's further growth, he said.

"The main problem confronted by all Russian oil companies is that they do not engage in the development of their own technologies as they wholly buy all technologies in the West," he said.

Another priority area for LUKoil is the development of non-traditional energy sources, such as shale gas and other hydrocarbon reserves that were previously considered as unprofitable for production, he said; Kazinform cites RIA Novosti.