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Russia's Rosneft Confirms IPO Plans

Drilling at Rosneft's Vankop oil field in Taimur (file photo) (ITAR-TASS) June 12, 2006 -- Russia's state-owned oil company Rosneft confirmed today it plans to make an initial public offering (IPO) both in London and Moscow.

The company hopes to raise up to $10 billion with the IPO, which will begin in mid-July.

Rosneft became the third biggest Russian oil company after it acquired the largest production unit of the embattled Yukos oil company in a controversial auction.

(Interfax, ITAR-TASS, AP)

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