Russia's Rosneft is new owner of main Yukos subsidiary

0 Comments | AFP, December, 2004

MOSCOW (AFP) — Russian state oil company Rosneft has become the new owner of Yuganskneftegaz by buying 100 percent of the shares of previously unknown Baikalfinansgroup, which had purchased the main subsidiary of Yukos in an auction, the Interfax news agency reported.

"Rosneft has bought 100 percent of the shares of Baikalfinansgroup," a spokesman for the company said, quoted by Interfax.

"The acquisition of 76.79 percent of the shares of the subsidiary Yuganskneftegaz was carried out in the framework of Rosneft's development projects," the spokesman said.

He said Rosneft's development projects included "the transformation of the company into a balanced national energy corporation through the development of the company's production facilities."

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