Italian companies to bid for YUKOS assets

Russia Journal ^ | January 10, 2005

[jb6]

Italian companies will bid for YUKOS assets if they are allowed, Italian Industry Minister Antonio Marzano told journalists in Abu Dhabi, Reuters reported.

Italy's top oil firm Eni said in November 2004 it would not bid for key production unit Yuganskneftegaz. It reconsidered its position after the December auction. YUKOS maintained control over Samaraneftegaz, Tomskneft, Vostsibneftegaz and a number of refineries after bailiffs had forced the sale of Yuganskneftegaz to ensure recovery of overdue taxes. The U.S. Bankruptcy Court in Houston will hold headings to consider an appeal filed by YUKOS on the recovery of USD20bn in penalties from the buyer of its major asset. The reason for the suit is price for the asset, which is considered to be lower than fair. Baikal Finance Group was the winner of the disputed auction having acquired 76.79 percent in Yuganskneftegaz for RUR260.753bn (about USD9.31bn). This was RUR14bn (about USD500m) higher than the starting price.

Gazpromneftegaz was another bidder in the auction held by the Russian Federal Property Fund. The court will announce the date for hearings on the appeal filed by Deutsche Bank, which challenges YUKOS’ filing for bankruptcy protection with a US court, as the company lack US-based assets. Deutsche Bank believes that either the EU court, or international court should consider YUKOS’ bankruptcy.

[jb6]

What? But I thought this was all an inside conspiracy, how could foreign companies bid on Yukos???

[OXENinFLA]

AND an Indian co. want 15% of it too...