Rosneft Gets More of Yukos

The lot included security and investment subsidiaries of Yukos, along with the transport assets left over from the previous auctions, reports RIA Novosti.

The starting price of the assets was set at RUR 18.48 billion ($727 million). Rosneft which was bidding along with OOO Benefit took just one step to win the auction increasing the initial price by RUR 92.42 million ($3.63 million) which was the permitted minimum raise.

YUKOS-Transservice was among the companies purchased by Rosneft as a part of the lot. As reported by Pravda.ru, the company owns around 7,000 oil cisterns and short-term lease contracts for 5,000 more which is expected to boost Rosneft’s transportation capacities.

The state-owned oil giant also got 1 filling station, 42 cisterns for oil products, production wells at Priobskoye oilfield, oil pipelines and pumping stations, according to Pravda.ru.

The auction, which was organized by the Federal Property Fund, was one of the last stages of the sale of Yukos assets which got off to its start shortly after the company was declared bankrupt on August 1st 2006 following the imprisonment of CEO Mikhail Khodorkovsky who was found guilty of fraud and tax evasion.

The profits derived from the sale of YUKOS’s assets have been used to pay off the company’s debts which amount to RUR 709.14 billion ($27.9 billion).

Rosneft has been since the leading buyer of Yukos assets, among them the biggest production asset, Yuganskneftegaz. This major shopping spree has helped put Rosneft 1st place in the World in proved reserves by SPE standards.

YUKOS bankruptcy receiver Eduard Rebgun was recently granted his request to extend the bankruptcy period of Yukos, which was due to expire on August 4th, for 3 more months.