Ukrnafta plans to list on LSE after restructuring, gov’t officials confirm

The vertically integrated oil company to be created by merging state-controlled entities Ukrnafta  (UX: UNAF UK) and  Ukrtatnafta could place up to 20% of its shares on the London Stock Exchange, Konstantin Borodin, head of oil and gas department at the Ministry of Fuel and Energy said yesterday at a press conference. Ukrtatnafta Head Pavlo Ovcharenko confirmed plans to place the integrated company on a Western stock exchange and said the process of business valuation has already been started. Ukrnafta shareholders will vote on the creation of a vertically integrated structure at an EGM on March 22, 2011. Other details, including potential timing of an IPO, were not disclosed.