Rosneft to buy purchaser of core Yukos unit

01/03/2005
A surprise bidder calling itself Baikal Finance Group (BFG) bought nearly 77% of the Yuganskneftegas unit of OAO Yukos for $9.37 billion at an auction Dec. 19, prompting some analysts to suggest Baikal is linked to state-owned Gazprom.Subsequently, OAO Rosneft reported Dec. 23 it would acquire 100% of BFG shares as well as those of Yuganskneftegas.According to Russian Information Agency Novosti, BFG owners suggested that Rosneft buy out their assets. RIA Novosti quoted a Rosneft spokesperson as saying that the company's decision to buy 76.79% of all Yuganskneftegaz shares was in line with its own corporate development plans, namely the expansion of its corporate production facilities ...
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