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Ministry to sell Yukos arm
THE Russian Justice Ministry is to sell a chunk of the embattled Yukos oil company’s main production subsidiary, Yuganskneftegaz, which has been valued at £5.8 billion.
The announcement could speed up the tax case against Russia’s biggest oil producer.
Yuganskneftegaz, which pumps 60 per cent of Yukos’ oil - around one million barrels a day - was being evaluated by investment bank Dresdener Kleinwort Wasserstein for sale against Yukos’ crippling tax debts, which amount to more than 4bn for 2000-2001.
The year-long legal campaign against Yukos and its jailed former boss Mikhail Khodorkovsky is widely regarded as punishment for his growing political clout.
Analysts expect the company’s assets to be sold to Kremlin-friendly oil companies.
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Weather for Edinburgh
Monday 28 May 2012
Today
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Temperature: 9 C to 22 C
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