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.
Šaltinis:
rbcnews.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In another move to strengthen the financial system, the Commission is proposing controls on credit rating agencies - private companies that evaluate financial risks for investors.
more »
Monday 10 November saw a large report land on the desk of MEPs in the Budgetary Control Committee.
more »
EU wants G20 meeting to pave the way for reform of the international financial system.
more »
New Yorkers reflect on the election of Barack Obama as the 44th President of the United States.
more »
The ability of the EU's common agriculture policy (CAP) to cope with the challenges of affordable food and climate change was discussed in Brussels 3-4 November.
more »
European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area).
more »
There are an estimated 4-8 million immigrants working illegally in the European Union.
more »
Hit by economic turmoil and the sharp global downturn, growth in the EU slows almost to a halt.
more »
The top priority is to cushion the impact of the financial crisis on jobs, purchasing power and prosperity of EU citizens.
more »
The International Monetary Fund has approved short-term financing to help emerging market economies weather the global financial storm.
more »