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Rosneft falls on debut
SHARES in Russian oil giant Rosneft fell yesterday in the controversial stock's first session trading in Moscow as lawyers for rival Yukos sought to block a London listing planned for Wednesday in the High Court.
Rosneft's Moscow-listed shares fell by 1.7 per cent to $7.42 after the first stage of an initial public offering that will value the company at $80 billion (44bn).
The losses came as London's High Court heard a challenge to the planned London listing.
Yukos accuses the Russian government of stealing its main oil producing subsidiary Yuganskneftegaz and selling it off at auction at a massive discount.
Yuganskneftegaz was later acquired by Rosneft for $9.4 billion and is now the Kremlin-backed group's main asset.
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Weather for Edinburgh
Saturday 26 May 2012
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Temperature: 9 C to 20 C
Wind Speed: 16 mph
Wind direction: North east
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