Rosneft Faces Yunitex Challenge in YUKOS Auction
Russian oil producer Rosneft will face only one challenger, a little-known firm called Yunitex, in a major YUKOS bankruptcy auction today, Reuters reported. While Rosneft is said to likely be the winner, analysts suspect its fellow state-controlled energy firm, gas monopoly Gazprom, also wants the assets and may use indirect methods such as an option agreement to buy them. The lot, which has a starting price of 166.3 billion roubles ($6.46 billion), comprises all of YUKOS’s east Siberian assets, including a major oil production unit and two oil refineries. The auction is one of a series which Russia is holding to recover YUKOS’s debts of over $26 billion. Each sale needs at least two bidders to be valid.

