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Promregion Holding buys Yukos southern assets for $190 mln

Promregion Holding has bought the assets of the now bankrupt oil company Yukos located in southern Russia, the auction commission said Thursday.

Promregion Holding, believed to be affiliated with Russia's largest crude producer LUKoil, offered 4.9 billion rubles ($190 million) for the bankrupt oil company's assets in the Krasnodar Territory, compared with an initial lot price of 3.17 billion rubles ($123 million), the commission said. However, a LUKoil representative said Thursday that Promregion Holding had no relation to the company. „This company has no relation to us,” Dmitry Dolgov said in reply to the question about whether the auction bidder was affiliated with LUKoil. Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over the company's tax arrears.

Promregion Holding participated in the auction along with Versar and Neft-Aktiv, a subsidiary of state-controlled crude producer Rosneft, the auction commission said. Yukos, whose founder Mikhail Khodorkovsky is serving an eight-year prison term in Siberia after being convicted of fraud in May 2005, faces a total of more than 700 billion rubles ($26.9 billion) in claims from creditors. (