Russia sets seal on state takeover of Yuganskneftegaz

0 Comments | AFP, December, 2004

MOSCOW (AFP) — Russia's anti-monopoly agency approved state oil company Rosneft's acquisition of the firm which won an auction for the embattled Yukos oil giant's core asset.

The move sets the formal seal on the state's takeover of Yuganskneftegaz, owner of 17 percent of Russia's vast oil reserves and the choice asset in the Yukos oil group.

"We have approved of Rosneft's purchase of the structure that had earlier this week bought Yuganskneftegaz," a Federal Anti-Monopoly Agency official was quoted as saying by Interfax news agency.

Rosneft announced Thursday that it had bought BaikalFinansGroup, the mystery firm that had won a secretive, uncontested auction for Yuganskneftegaz only days earlier.

The controversial deal cemented Kremlin control of the...