On Friday, Yukos creditor committee adopted a decision to establish two more lots to sell off at liquidation auctions. East Siberian oil assets are included in one lot with companies located in the Kuban region and the North Caucasus in the other.
The media reported quoting a source close to Yukos’ creditors that an auction will be held on May 3 to sell off a lot which consists of East Siberian assets (the Achinsk refinery, Angarskaya Petrochemical Company, Tomskneft and the company’s utilities, maintenance, research and other assets). The starting price will be Rub 166.3 bln ($6.39 bln) and the amount of advance payment is Rub 33.3 bln ($1.28 bln). Bids are to be accepted on April 2-28 and the bid increment is Rub 260 mln ($9.99 mln).
On May 3, another auction could be held to sell off Yukos assets located in the south of Russia. The starting price is Rub 3.7 bln ($142.25 mln) and the lot includes Stavropolnefteprodukt (100%), Kubanenergo (26.26%), Kubanenergosbyt (26.26%), Kubanskaya Generating Company (26.26%), Kuban Trunk Grids (26.26%), Caspian Oil Company (49.9%) and a number of other assets. The bid increment is Rub 37.122 mln ($1.42 mln). The amount of advance payment is Rub 742.44 mln ($28.54 bln). The bids are accepted on April 2-28.
We view Rosneft as the strongest contender for East-Siberian as well as refining and marketing assets, since the company has repeatedly announced its intention to remove the imbalance between the volume of producing and refined assets. We do not rule out that Rosneft will also eye another Yukos producing unit Tomskneft. A few days ago, Rosneft VP Mikhail Stavsky said, "We are interested in nearly all Yukos production units". For the record, recently, Rosneft’s BoD approved $22 bln loans to bid for Yukos production assets. Meanwhile, Gazprom could also be interested in Tomskneft. Thus, we do not rule out that we could see a conflict of interests between the two largest state-run companies.
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