Lukoil Iraq Progress Is Buy to UralSib: Russia Overnight - Bloomberg:
"OAO Lukoil (LUKOY), Russia’s second-largest oil producer, plans to begin commercial production in Iraq as soon as March, prompting UralSib Capital to reiterate its buy recommendation on a stock trading at the cheapest in four years versus peers.
American depositary receipts of the nation’s second-largest oil producer lost 0.1 percent to $63.19 in New York, extending this year’s slump to 6.4 percent. The decline drove the stock’s multiple to 4.5 times estimated earnings, or 67 percent below MSCI World Energy Index, the widest gap since December 2009. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. was little-changed at 98.58. OAO Mechel (MTL) sank to a record. RTS stock-index futures increased 0.4 percent."
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