Russian State Firm Takes Over YUKOS Unit
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Russian state oil firm Rosneft has  bought YUKOS's core unit, effectively nationalising 11 percent  of the country's crude output and dealing a heavy blow to  YUKOS's attempts to halt its own dismemberment.
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The future of the Russian oil industry took an unexpected turn Sunday when a previously unknown investment group won an auction for the main production assets of embattled oil company Yukos.
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A little known group bought the main production unit of Russia's largest oil producer, Yukos, at auction for &#36;9.3 billion on Sunday, gaining control of one of Russia's most prized assets at a fraction of what Yukos executives say it is worth.
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Battered Russian oil major YUKOS  said on Friday that Russian state oil firm Rosneft's assumption of control over key unit Yuganskneftegaz was tantamount to an "illegal seizure" of its asset.
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Russia will auction control of OAO Yukos Oil Co.&#39;s main unit for as little as $8.6 billion in a government-run fire sale to collect back taxes that threatens to bankrupt the country&#39;s biggest oil exporter.
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Free-market principles were followed when a state-owned oil firm bought a key Yukos asset, Russia's president says.
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MOSCOW  - The Russian gas giant Gazprom said its board of directors had given its go-ahead for the state-controlled firm to bid for the main production unit of embattled oil group Yukos.
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19 December 2004 -- The Russian firm Baikalfinansgroup has won the bidding to buy a core asset of the Yukos oil company -- Yuganskneftegaz -- as the Russian government today carried out its threat to dismember Yukos.
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A mysterious investment group formed just last month bought a majority stake in the core production unit of the Russian oil giant Yukos Oil Co. for $9.3 billion Sunday at a Moscow auction.
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On Saturday, Dec. 25, Russiaâs Federal Anti-Monopoly Service approved the acquisition of Yuganskneftegaz, the core production asset of the embattled Yukos Oil Company , by the state-owned Rosneft Oil Company.
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Russia's anti-trust body said on Saturday it had approved the state oil firm Rosneft's purchase on Thursday of the obscure buyer of the key production unit of beleaguered YUKOS oil company.
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Russian gas giant Gazprom pushed ahead with plans to bid for the main production unit of embattled oil group Yukos, a takeover that would create a state-controlled oil and gas behemoth to rival Saudi Arabia's Aramco.
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The Russian gas giant Gazprom said its board of directors had given its go-ahead for the state-controlled firm to bid for the main production unit of embattled oil group Yukos.
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MOSCOW  - Russia&#39;s anti-monopoly agency approved state oil company Rosneft&#39;s acquisition of the firm which won an auction for the embattled Yukos oil giant&#39;s core asset.
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Russian state oil firm Rosneft has bought YUKOS's core unit, effectively nationalizing 11 percent of the country's crude output and dealing a heavy blow to YUKOS's attempts to halt its own dismemberment.
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MOSCOW  - State gas giant Gazprom will take part in the Dec. 19 auction of Yukos unit Yuganskneftegaz, the head of the monopoly's new oil division said Tuesday.
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A mystery company has bought the main production arm of the Russian oil giant Yukos. Baikal Finance Group has paid the equivalent of USD9.3bn for the production operation Yuganskneftegas at an auction.