Firm Buys Stake In Russian Oil Major

29 September 2004 -- A holding company affiliated with a U.S. oil firm today bought a 7.6 percent state-owned stake in Russia's second-largest producer, LUKoil.

Springtime Holdings Ltd., reportedly acting on behalf of U.S. oil major ConocoPhilips, bought the stake for $1.98 billion.

Russian government officials say the sale represents the largest privatization deal in post-Soviet history.

(AFP/ITAR-TASS/AP)