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23

Rosneft To Grab Yukos Remaining Assets

Russian state-run oil company Rosneft is going to acquire an interest on an old loan provided by a consortium of Western banks to Yukos

Russian state-run oil company Rosneft is going to acquire an interest on an old loan provided by a consortium of Western banks to Yukos in order to avoid litigation and cross-default, Russiam daily Vedomosti said.

Rosneft, which now controls former Yukos? key unit Yuganskneftegaz, will pay the interest on the outstanding $482-million part of the $1 billion syndicated loan until the end of the year while discussing with the bank what to do with the debt itself.

Vedomosty said that experts presume that the move will boost Rosneft?s position as a Yukos creditor and allow it to grab the remaining assets of bankrupt oil giant.

Yukos borrowed $1 billion from Western banks, including Societe Generale , Citigroup and Deutsche Bank , Commerzbank, Credit Lyonnais, HSBC, and ING, back in 2003 and put its key unit Yugansk?s oil exports as collateral.