Rosneft makes steady LSE debut

State-controlled Russian oil giant Rosneft made a steady debut on the London Stock Exchange today following its controversial flotation.

Shares in Rosneft lifted more than 1% to US$7.50, as investors welcomed the firm to the London and Moscow markets.

The flotation, which valued Rosneft at $79.8bn (£43.6bn/€63.85bn), was one of the biggest in the world and one of the most controversial in London’s history.

It followed a British High Court battle with struggling Russian rival Yukos and saw the Russian Government sell 13% of Rosneft to investors, including UK oil giant BP and Chelsea FC owner Roman Abramovich.

Its flotation in London and Moscow, which raised $10.4bn (£5.65bn/$8.32bn), is Russia’s biggest ever public offering and the fifth biggest in the world.

The Kremlin has retained 87% of the company but of the shares sold to investors, BP bought around $1bn (£545m/€800m) worth and Mr Abramovich $300m (£164m/€240.1m).