Skip to main content
BBC NEWS / BUSINESS
Graphics VersionBBC Sport Home
News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia | UK | Business | Health | Science & Environment | Technology | Entertainment | Also in the news | Have Your Say |
Business Contents:  Your Money | Economy Companies

Wednesday, 21 February 2007, 10:39 GMT

Yukos auction date set for March

Yukos plant in Siberia Five Russian oil refineries and 400,000 barrels of daily oil production will be among the assets of Yukos going under the hammer from March.

The receiver says the first auction of Yukos assets will be held next month, with its shares in Rosneft and Gazprom Neft expected to be the first to go.

The receiver, Eduard Rebgun, values the assets at around $22bn, but Yukos owes the government $26bn in back taxes.

Yukos says the assets are worth more - at least enough to pay off the debts.

The company says that the tax claims against it are the Kremlin's revenge for the political activities of its former head Mikhail Khodorkovsky, who is serving an eight-year jail term in Siberia for fraud and tax evasion.

Yukos' top assets include a 20% stake in Gazprom's oil arm Gazprom Neft, 9.4% of Rosneft and two oil production units: Tomskneft and Samaraneftegaz.

Fall from grace

Yukos was once Russia's second biggest oil company, pumping one in every five barrels the country produced.

In 2004, the back tax bill led to Yukos' main Yuganskneftegaz subsidiary being expropriated by the government and sold off at auction.

It was ultimately acquired by the state-owned oil company, Rosneft.

Rosneft and Gazprom are expected to be the biggest beneficiaries in the next round of auctions.



E-mail this to a friend

RELATED INTERNET LINKS
Yukos
The BBC is not responsible for the content of external internet sites



SEARCH BBC NEWS: 

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia | UK | Business | Health | Science & Environment | Technology | Entertainment | Also in the news | Have Your Say |
Business Contents:  Your Money | Economy Companies

NewsWatch | Notes | Contact us | About BBC News | Profiles | History

^ Back to top | BBC Sport Home | BBC Homepage | Contact us | Help | ©