Are you sure?

Rosneft acquires more Yukos assets

Russia’s state-owned oil and gas giant Rosneft has acquired a further bundle of Yukos’ assets, this time through its wholly-owned Neft-Aktiv subsidiary.

The Kremlin has been dismantling former oil giant Yukos, after the company went bankrupt. Rosneft revealed that its Neft-Aktiv arm had acquired the lot of Yukos assets for Russian Ruble 1.03 billion ($40 million), which was 4% higher than the starting price. According to The Moscow Times, the auction comprised of just four bids, during which time Neft-Aktiv outbid contenders Accord and MorTransInvest.

The bundle of assets was comprised of stakes in a number of oilfield service companies, including a 60% stake in Manoil, a 100% stake in YuganskEPUservice, a 100% stake in MamontovEPUservice and a 50% stake in Evrokoop. In a press release, Rosneft commented that the acquired companies would provide reconstruction and transportation services to support its Yuganskneftegaz business.

The oil company added that the assets would allow it to more effectively manage the operations at its largest oil-producing enterprise. The fact that the Yukos assets were purchased by a state concern has continued to fuel rumors that the Kremlin is dismantling Yukos in order to keep its assets in Russian hands. In March, Rosneft bought back 9.44% of its own shares from Yukos. (energy-business-review.com)