By OGJ editors
HOUSTON, Jan. 3 -- OAO Rosneft has appointed new management for OAO Yukos unit Yuganskneftegas, reported Yukos as it continues to challenge the Russian government's auction of Yuganskneftegas in a Houston federal bankruptcy court.
On Dec. 31, bailiffs escorted Rosneft executives to Yuganskneftegas's office in Nefteyugansk, Siberia.
Yukos CEO Steven Theede said the state-owned Rosneft is expropriating Yukos assets "without abiding by Russian law and in violation of all international legal and business norms of fair and decent conduct."
Last month, Yukos filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas, Houston Division (OGJ Online, Dec. 15, 2004). The next bankruptcy court hearing is slated for Jan. 6.
Rosneft
Rosneft bought 100% of Baikal Finance Group, the successful bidder for Yuganskneftegas at a Dec. 19 auction (OGJ Online, Dec. 23, 2004).
Yukos faces billions of dollars in delinquent tax claims. The company's problems began with the Oct. 25, 2003, arrest of Mikhail Khodorkovsky, its former chief executive, on fraud and tax evasion charges.
Rosneft is in the process of merging with OAO Gazprom, and Yuganskneftegas is not expected to be part of the resulting new company.
Russian Energy Minister Viktor Khristenko said on Dec. 30 that Yuganskneftegas would be a separate company 100% owned by the state. He also suggested that up to 20% of that company's shares might be offered to China National Petroleum Corp.
CNPC spokesman Li Runsheng from Beijing told CNN Money that he had no definitive reply to Khristenko's comment.
"This is their one-sided comment. We honestly can't give you a definitive reply. About what they said, we really can't understand," Runsheng told CNN Money.
Michael Lelyveld, senior advisor to PFC Energy, said that it was "hard to believe" that CNPC would get involved (OGJ Online, Dec. 30, 2004).
