Malaysian's national oil company Petronas said it was considering acquiring a stake in the Russia's state-owned oil firm Rosneft when it makes a controversial initial public offer (IPO).

"We have been invited to participate in the IPO. That's where we are today," said Petronas chief executive Hassan Marican.

Rosneft has said that the subscription period for shares under its IPO in London and Moscow would last from June 26 to July 10.

"As you know we have only 10 days, I can confirm that we have been invited, we will consider," Hassan was quoted as saying by Bernama.

Rosneft has said it will raise as much as US$11.6 billion when its shares are listed on the stock market in the eagerly-awaited IPO.

The listing on the London and Moscow stock exchanges, which is attracting growing controversy because of the company's business background, is expected as early as this month.

Among four aprroached

Russian oil company Yukos has asked the British markets watchdog to block the IPO because it says Rosneft stole its assets.

Rosneft bought Yukos' main production asset, Yuganskneftegaz, in 2004 at what the market saw as a knockdown price. The transaction took place against the background of a judicial campaign against Yukos viewed as being masterminded by the Kremlin.

Petronas is among four companies Rosneft has approached to offer strategic stakes worth between RM50 million and RM1 billion, said Bernama.