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Yukos remaining assets to go under hammer in Aug - extended

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)