Yukos remaining assets to go under hammer in Aug - extended

Telco

The committee of Yukos creditors will put together a new lot to sell the bankrupt oil firm's remaining assets, Nikolai Lashkevich, spokesman for the company's external administrator said Friday. Russia expects Yukos assets to yield $19.5 billion to budget Aug-Sep.

Lot 17 will include three transportation companies from previous unsold auctions, as well as new assets, including the KAFA transshipment company and the Kuibyshevnefteorgsintez refinery. Three other companies from Lot 6 will also be put up for auction, which is expected to go ahead in early August. The initial bidding price is 8.9 billion rubles ($347 million).

The Russian Finance Ministry predicts the sale of bankrupt oil company Yukos' assets to yield some $19.5 billion to the federal budget in August-September, a senior ministry official said Friday. “We expect to receive funds of around 500 billion rubles ($19.5 billion) in late August-September,” Russian Deputy Finance Minister Tatyana Golikova said. Earlier reports said some 450 billion rubles ($17.5 billion) could be earned from the sale of Yukos assets.

Golikova said 146 billion rubles ($5.7 billion) had already been transferred to the federal budget from the oil company's asset sales. As soon as the whole sum is consolidated, amendments will be made to the 2007 budget, the official said. There are plans to invest the funds in road construction, housing, and communal services. The State Duma, the lower house of Russia's parliament, adopted a law in May on transferring revenue from the sale of Yukos assets to the federal budget for its debt repayment. The Federal Tax Service said Yukos owed over 400 billion rubles ($15.6 billion). (rian.ru)

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.