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Lukoil in talks with banks to sell debt, three bankers say

OAO Lukoil, Russia's biggest oil company, is in talks with banks to sell debt, according to three bankers familiar with the transaction.

The sale may consist of loans and bonds, according to one banker involved with the deal, who declined to be identified. The Moscow-based company said March 5 it will invest as much as $3 billion this year to upgrade its refining and petrochemicals production, which will come from Lukoil's own cash flow. „It can't be ruled out that in time, we will need to attract financing for one project or another,” Dmitry Dolgov, a spokesman for Lukoil in Moscow, said in a telephone interview. „Our finance people are constantly in contact with Western banking institutions.” (Bloomberg)