Russian oil producer Bashneft selected three banks to work on its planned secondary London listing, three financial sources said. This was according to a report published by Reuters.

Bashneft is managed by Russian billionaire Vladimir Evtushenkov through his oil-to-telecoms company Sistema. The Russian oil firm selected Morgan Stanley, Sberbank, and Barclays as global coordinators. One of the financial sources said other banks may be selected as bookrunners or underwriters. Another one of the sources said the transaction could raise up to USD1.5 billion, the report said.

Market sources have previously said Bashneft was considering a takeover by Russian top oil firm Rosneft. However, Rosneft denied this plan, said the report.

Bashneft had been in the Moscow listing since 2011. The firm's 14% shares are in free float. A company spokesman said the secondary listing could take place by the end of 2014 or in 2015, Reuters reported.

Morgan Stanley and Barclays have yet to comment on this news. Sberbank refused to comment, the report stated.