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 MOSCOW (AP) - Assets of Yukos, once Russia's biggest oil producer, will be sold at an auction March 27 as the company's liquidation begins, the government announced Thursday.
Bankrupted and burdened with billions of dollars in back tax debts, OAO Yukos is already a shadow of its former self: Its million-barrels-per-day subsidiary Yuganskneftegaz was auctioned in 2004 to cover a part of the disputed tax bill and was later acquired by state-controlled oil company OAO Rosneft — which is expected to dominate the forthcoming sales.
On the block at the end of March will be Yukos' 9.44 percent stake in Rosneft at a starting price of some $7.3 billion, said Nikolai Lashkevich, a spokesman for Yukos' bankruptcy supervisor. That represents a discount of about 20 percent to its current market value.
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