According to the Russian News Media company Kommersant, it looks increasingly like the purchaser of Yukos' core assets (for the sale price of $1.25m) will be Gosneft, a Russian gov't controlled entity in which Gazprom has already been rolled up to. Some say that Putin doesn't like Russian oil being exported at higher prices than the domestic economy can pay, which has been leaving parts of the country-especially the North, without oil.
Former Canadian PM Jean Chretien is going to Russian to advise them on how state-run Petro-Canada was engineered (costing Canadian taxpayers billions in the process). I guess the markets are right to worry-under Gosneft the former Yukos assets would still produce, but perhaps the export market would take a back seat to domestic demand.
"The first steps of Rosneft in ita new capacity are expected to be linked with the solving of the main political and economic problem at present – the final disposal of YUKOS. The appointment of the new head of the Rosneft board of directors practically belies numerous announcements by Gref about the Rosneft and Gazprom board of directors not discussing the possibility of purchase of YUKOS assets. Sechin, known for his cool attitude toward Gref, apparently will not feel obliged by his words.
Let us emphasize that the preparation of Rosneft for new major acquisitions has been going on for a long time. In May, Rosneft got a $500-million loan from the Dutch ABM AMRO Bank to restructure its debt. Mikhail Brudno, a co-owner of YUKOS, thinks that this money may be used to purchase YUKOS extraction subdivisions, which are being put up for sale. "
The full story, from 7/28, is here:
kommersant.com |
