Key Yukos Oil Unit to Be Sold
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The Justice Ministry said Tuesday that it planned to sell the core petroleum subsidiary of Yukos, the embattled Russian oil giant, at what appears to be a steep discount to settle billions of dollars in tax debts.
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The nascent petroleum division of natural gas monopoly Gazprom will bid for the top production unit of the battered Yukos oil empire, its chief said Tuesday -- a widely anticipated move that could put the heart of the company into Kremlin-friendly hands.
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Russia completed the dismantling of Yukos Oil today, selling off the country's largest oil subsidiary to a company that was essentially unheard of until three days ago.
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MOSCOW The Russian Justice Ministry said on Tuesday that it had decided to go ahead with the sale of parts of the oil company Yukos to cover billions in taxes owed by the company.
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YUKOS and its investors were left guessing as to Russia&#39;s next move Monday after its main oil production unit was sold off to Baikal Finance Group, a mystery firm registered in a provincial city.
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Russia appears ready to sell the main asset of Yukos, the country&#39;s embattled oil company, for $4 billion, a fraction of its worth, reports say.
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Russia pressed ahead yesterday with controversial plans to break up the country&#39;s biggest oil company Yukos, setting a date of December 19 for an auction of its main production unit at a bargain basement starting price of $8.65bn (Â£4.88bn).
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Assets of Yukos, once Russia's biggest oil producer, will be sold at an auction March 27 as the company's liquidation begins, the government announced Thursday.
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State gas giant Gazprom will participate in the Dec. 19 auction of Yukos unit Yuganskneftegaz, the head of the monopoly's nascent oil division said Tuesday.
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Russia is set to go ahead with a sale of the main production asset of Yukos, the countryâs embattled oil company, despite an injunction issued late yesterday by a US court.
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Russian tax authorities yesterday scheduled the equivalent of a fire sale at what was once the nation&#39;s largest oil company, offering the main production facility at Yukos Oil
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Yukos&#39; main production unit, Yuganskneftegaz, could be sold off in a single-bid, closed auction in just over a month&#39;s time, a spokesman for the Federal Property Fund said Monday.
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MOSCOW: Russian state oil firm Rosneft has bought the core unit of Yukos, nationalising more than one-tenth of the countryâs crude output and dealing a shattering blow to a once flourishing private enterprise.
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Description: The Russian government announces the sale of many of the most valuable portions of the oil company Yukos, the firm built by embattled tycoon Mikhail Khodorkovsky.
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MOSCOW, NOVEMBER 19: Russia pressed ahead on Friday with the last step in the destruction of embattled oil major Yukos, saying it will auction its main Siberian unit on December 19 at a starting price of $8.65 billion.
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The Russian Justice Ministry says it plans to sell some of the assets of the giant Yukos oil company to cover its outstanding tax bill.
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Russia oil company YUKOS assets may be sold partially by the Russian Justice Ministry in order to cover its outstanding tax bill. The selling-off will probably touch YUKOS main oil subsidiary Yuganskneftegaz.