Rosneft raider

Rosneft bought the remaining production and refining assets of bankrupt Yukos at auction for 1$6.42 billion, adding to recentacquisitions that have transformed Rosneft from a loose bundle of assets into the dominant player in Russia’s oil market. The only other bidder was a little known company called Versar.
Rosneft’s subsidiary Neft-Aktiv bought Yukos’ Samaraneftegaz production unit, with a capacity of about 200,000 barrels a day, and three refineries.
Rosneft has bought other Yukos production units in previous auctions; the purchase last week of one of the units leapfrogged Rosneft over Lukoil as the country’s largest oil producer. The state now has control of more than 40 percent of Russia’s oil production.
Yukos, once regarded as among Russia’s best-run and most transparent companies, was a favorite of foreign investors. But it was driven into bankruptcy by alleged back-tax bills ofUS$30 billion.
The bills were imposed in a series of legal actions that were patently aimed at dismantling the company to boost state control of the oil industry. The tax cases came in parallel with the conviction and imprisonment of former Yukos owner Mikhail Khodorkovsky on fraud and tax evasion charges.
Khodorkovsky had funded opposition political parties. Hence his punishment for daring to have political ambitions.


Author: Raion raider

Energy entrepreneur

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