Lukoil Hong Kong IPO plans suffer small delay

Despite some small delays, Russian oil colossus Lukoil said its plans for a $1bn initial public offer (IPO) in Hong Kong remained on track to float early in 2015, but warned national oil production may fall in future years.

Leonid Fedun, the oligarch vice president of the Moscow-headquartered group, said: "There is a minor delay, as there are internal issues in Hong Kong, but it does not stop us.

"I think next year we will make a significant progress in this area," he added, according to Russian newswires.

The company plans to float at least $1bn of shares on the Hong Kong Stock Exchange in 2015, with all regulatory procedures aiming to be completed by the end of 2014, Interfax reported.

Speaking at the sidelines of the National Oil and Gas Forum in Moscow on Wednesday, Fedun also added that oil production in Russia may fall by 25m-70m tonnes by 2017.

According to its website, Lukoil accounts for 2.1% of global crude oil output.