Rosneft to bid for Yukos 20% stake in Gazprom neft
A subsidiary of Russia's state-run crude producer, Rosneft [RTS: ROSN], has applied to buy a 20%-stake in Gazprom Neft [RTS: SIBN], formerly Sibneft, held by bankrupt Yukos, Rosneft said Monday according to RIA Novosti.
It said the auction will take place April 4.
Rosneft reclaimed 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, last Tuesday.
Yukos's worth totals an estimated 709 billion rubles ($27.3 billion). Once Russia's leading crude producer, Yukos was declared bankrupt in August.
Rosneft said it will use the stock it bought back from Yukos to acquire core assets in Russia and abroad.
RN-Razvitiye offered 197.84 billion (about $7.6 billion) for the stake, including 12 bills of exchange 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.
But the chairman of the Yukos board of directors said the stake was sold below market value.
"The buyer of this stock should understand what the market price is. If you pay less, you expose yourself to criticism from the company's majority and minority shareholders alike," Viktor Gerashchenko said at Yukos's central office, where the auction was held.
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.
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.
