Rosneft to swap Yukos stake for assets in Russia, overseas
Published March 28th, 2007
Russia’s state-run oil producer Rosneft [RTS: ROSN] said Tuesday it will use the stock it bought back from Yukos to acquire assets in Russia and abroad.
Rosneft bought back its 9.44% stake held by Yukos in the first auction to sell the bankrupt oil company’s assets through a 100%-controlled subsidiary, RN-Razvitiye, earlier Tuesday.
“Rosneft regards company shares as highly liquid assets with good potential for growth and a good object for investment that will bring benefit to its shareholders,” the company said in a news release.
RN-Razvitiye offered 197.84 billion (about $7.6 billion) for the stake, including 12 promissory notes in the Yuganskneftegaz oil-producing unit, worth 3.558 billion rubles (about $136.8 million).
The price paid by Rosneft at the auction was fair, a company representative said.
Market watchers believe Rosneft’s purchase will further strengthen the role of the state in the oil sector and enhance the company’s attraction for foreign investors.
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