The Russian Federal Property Fund has not yet decided on the size of a stake in Yuganskneftegaz that will be put up for sale
Published:
18 October 2004 y., Monday
The Russian Federal Property Fund has not yet decided on the size of a stake in Yuganskneftegaz that will be put up for sale. Neither did it decide on the starting price and the form of the public sale, Vladimir Zelentsov, spokesman for the Russian Federal Property Fund, told RBC.
“We are still waiting,” he said. At the same time, Mr. Zelentsov neither confirmed nor denied unofficial reports about the government’s plans to sell a 77 percent stake in Yuganskneftegaz for $4bn.
On October 12, the Russian Federal Property Fund received documents from the Russian Justice Ministry regarding the sale of Yuganskneftegaz’s assets to cover YUKOS’s tax debts. Earlier, Mr. Zelentsov said the Russian Federal Property Fund could auction Yuganskneftegaz in late November 2004. Information about the sale would be announced at the end of October 2004, he said.
The Justice Ministry of Russia decided to sell some of YUKOS’s assets through the Federal Property Fund because YUKOS had not been paying the tax debt quickly enough. The payment was “unjustifiable delayed”, according to the Justice Ministry. According to the Ministry, YUKOS’s confirmed tax debt is $3.73bn. The Justice Ministry also announced that Dresdner Kleinwort Wasserstein had valued Yuganskneftegaz at $10.4bn.
However, excepts from DrKW's report were published later, suggesting that Dresdner Kleinwort Wasserstein valued Yuganskneftegaz between $15.7bn and $18.3bn, taking into consideration the company’s net debt of $2.9bn and its potential tax liabilities. Sources who read the report, said $10.4bn was the most pessimistic valuation that could be applied if YUKOS lost its oilfield licenses.
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