Saturday August 05, 2006

Russian court declares Yukos bankrupt

chron.com :

OAO Yukos, once Russia' biggest oil company, was declared bankrupt after a three-year campaign by government tax authorities that critics called a politically motivated campaign against Yukos' founder. The government cast its actions as a crusade against a rotten corporate empire. The ruling was a muted epilogue that followed the conviction of Yukos' billionaire founder Mikhail Khodorkovsky last summer and the sale of the company's production unit Yuganskneftegaz to the state after a disputed auction in December 2004.

Analysts expect that state-controlled gas monopoly OAO Gazprom and state-controlled oil company OAO Rosneft, which became the third-biggest oil producer overnight after acquiring Yuganskneftegaz, will acquire remaining assets in the course of the liquidation. Both companies are being primed as national champion energy companies capable of competing with the likes of Exxon Mobil Corp. and Saudi Arabia's Aramco.

See also :

1. Gazprom buys Sibneft in Russia's biggest takeover
2. The Slow Flow of Russian Oil
3. Timeline: The rise and fall of Yukos

(2006-08-05 18:41:51 SGT) [Energy] Permalink

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