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Aug. 23, 2004
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State Package of LUKOIL Shares May Go to Guggenheim Dynasty
August 23, State package of shares in LUKOIL, which is to be sold at an open auction in September, may be bought by Chairman of the Board of Dabir International Ltd, one of the Guggenheim Dynasty, which founded a network of modern art museums, David Guggenheim, Vedomosti reports.
Until recently, American ConocoPhillips, whose investment policy in Russia was approved by Vladimir Putin, was considered main claimant to 7.59% of LUKOIL shares.

Guggenheim in Russia will be represented by Lyudmila Grossman. In her words, the businessman owns a holding, which includes a bank and several oil companies. Vedomosti journalists did not manage to get in touch with Grossman, that is why the newspaper gives no details.

In his interview to Vedomosti, the businessman confirmed the fact that he belonged to the Guggenheim dynasty, but made no comments concerning his new investment plans, saying he did not want to attract public attention.

Meanwhile, neither the Internet, nor the foreign press bears any traces of Dabir International. Spokesmen for the two powerful organizations – The Museum of Solomon Guggenheim and John Simon Guggenheim Memorial Foundation refused to recognize head of the company as one of their family.

Analysts believe, Guggenheim, whose name is new to the oil industry, may be used by officials in negotiations with ConocoPhillips. However, as a potential buyer he does not seem to be a serious competitor to the other auction participants – analysts predict that LUKOIL will not want to have an unknown investor.
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