By OGJ editors
HOUSTON, Aug. 3 -- A Moscow arbitration court declared OAO Yukos bankrupt, the latest development in the former oil giant's 3-year court battles with the Russia government over back taxes.
Russian tax authorities and state-owned OAO Rosneft are the biggest creditors of Yukos. Liquidation proceedings now are expected to result in an auction of its remaining assets.
Rosneft already bought Yukos unit Yuganskneftegas. OAO Gazprom has said it is interested in acquiring some assets, particularly the Tomskneft production subsidiary.
The Russian government seized and sold Yuganskneftegas to Baikal Finance Group at a Dec. 19, 2004, auction in Moscow. Rosneft later bought Baikal (OGJ Online, Mar. 15, 2005).
Meanwhile, former Yukos Chief Executive Mikhail Khodorkovsky remains imprisoned in Russia's YaG 14/10 prison camp at Krasnokamensk, Chita, near the border with China.
