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Russia to sell off Yukos' foreign assets in August

AFP
MOSCOW
Petroleumworld.com 07 16 07

Russia is to sell off the major foreign assets of bankrupt oil group Yukos at auction in August with a starting price of just under 300 million dollars, Russia's Federal Property Fund announced Saturday.

The company's Dutch subsidiary Yukos Finance, which controls the assets, will be sold on August 15 with an opening price of 7.6 billion rubles (218 million euros), the fund said in a statement in the official Rossiiskaya Gazeta newspaper.

Assets owned by Yukos Finance include a 49 percent stake in Slovak Pipeline company Transpetrol, which transports 21 million tonnes of oil per year, Interfax news agency reported.

The sale is part of a series of auctions to help pay off over 26 billion dollars of debts accrued by the company, most of it owed to the state.

AFP 14 1823 GMT 07 07

Copyright© 2007 AFP. All Rights Reserved.

 

 

 

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