Yukos’ $22bn auction due to start
Published March 27th, 2007
The $22bn (£11bn) auction of the assets of the bankrupt oil firm Yukos is due to begin in Russia.
First under the hammer will be a 9.4% stake in the state-controlled oil company Rosneft and debts owed by the former oil production unit of Yukos.
The starting price for the assets will be 195.5bn roubles ($7.5bn; £3.8bn).
The bidders are expected to include Rosneft itself, as well as the joint venture between Russia’s TNK and Britain’s BP.
Also going under the hammer, will be five Russian oil refineries and 400,000 barrels of daily oil production.
The receiver, Eduard Rebgun, values the assets at around $22bn. Yukos owes the government $26bn in back taxes.
Yukos says the assets are worth more - at least enough to pay off the debts.
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