Government still undecided on YUKOS

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.
Šaltinis: rbcnews.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Commission approves Italian risk-capital measure to boost real economy

The European Commission has approved, under EC Treaty state aid rules, an Italian framework temporarily adapting certain existing risk-capital schemes to increase companies' financing possibilities during the current economic crisis. more »

Commission authorises Maltese temporary aid scheme to grant compatible aid of up to €500 000

The European Commission has authorised, under EC Treaty state aid rules, a Maltese measure to help businesses to deal with the current economic crisis. more »

Business Update: Oil prices up

We're making progress. That's the word from Treasury Secretary Tim Geithner about settling the financial markets. more »

2.6 million financial kiosks, ATMs to be deployed by 2013

According to a new report released by NextGen Research, global markets for financial kiosks and enhanced ATMs will grow at a compound annual rate of 9 percent, to include more than 186,000 financial kiosks and nearly 2.5 million ATMs by 2013. more »

Latvians buy pigs to beat crisis

Non-farming Latvians are buying pigs to beat the economic crisis. more »

MEPs to debate the 2007 budget discharge

Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously. more »

Construction output down by 1.0% in the euro area

In the construction sector, seasonally adjusted production1 decreased by 1.0% in the euro area2 (EA16) and by 2.1% in the EU272 in March 2009. more »

EU27 deficit in trade in goods with Russia of 70 bn euro in 2008

Between 2000 and 2008, EU27 trade in goods with Russia more than tripled in value, with EU27 exports to Russia rising to 105 bn euro in 2008 from 23 bn in 2000. more »

The Commission calls for proposals for €4 billion worth of energy investments

The European Commission has launched today a call for proposals covering key energy infrastructure projects such as energy interconnections, offshore wind energy and carbon capture and storage as part of the implementation of the EEPR. more »

EESC calls for urgent action in response to the crisis in the European automotive industry

During its plenary session on 13 May 2009, the European Economic and Social Committee adopted a key opinion on responding to the crisis in the European automotive industry. more »