Russneft Bought Yukos Asset

Russneft president Mikhail Gutseriev has purchased Sakhaneftegaz, the YUKOS subsidiary in Yakutia, though the BIN bank, with which he is closely associated, Russian business daily Kommersant reported.

A company affiliated with BIN Bank bought a 13.22-percent stock package in the Yakutia company from YUKOS subsidiary YUKOS-M for $1 million to consolidate a controlling package in it. The administration of Yakutia owns a 36.67-percent share in the company. YUKOS had owned 50.38 percent of it, through YUKOS-M and two Cypriote companies. Gutseriev bought the shares of the Cypriote companies about six months ago when that stock package was sold along with YUKOS? 52 percent of ALNAS, a manufacturer of pumps located in Almetyevsk, Tatarstan. The total value of that deal was about $50 million. YUKOS employees said that those assets were not frozen and that all legalities were adhered to.
YUKOS received only about $6 million for its Sakhaneftegaz package. That was mainly due to the company?s 3.2-billion ruble debt, which is mostly to YUKOS for credits extended to it in 2002 and 2003 by YUKOS and banks (including BIN Bank) to pay the company?s tax debts and back salaries. YUKOS is now trying to sell part of that debt to the new owners of Sakhaneftegaz. YUKOS paid $30-35 million for its package in Sakhaneftegaz, which means that it experienced a loss of no less than $140 million on it. Kommersant has obtained information that Sakhaneftegaz will be resold to diamond producer ALROSA. That company has officially expressed its interest in Sakhaneftegaz and has discussed the purchase of the Yakutian administrations share with officials.