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Gazpromneft has applied to the Federal Antimonopoly Service for a permit to purchase a 76.79% stake in Yuganskneftegaz
Gazpromneft has applied to the Federal Antimonopoly Service for a permit to purchase a 76.79% stake in Yuganskneftegaz, Yukos's main production unit, the company's spokesman Alexander Stepanenko told RIA Novosti. The Service has declined to comment. Yesterday Gazprom's press service reported that the gas giant's board had endorsed Gazpromneft's participation in the Yugansk auction, submission of a binding offer and transaction to purchase the stake. On November 30, Gazprom's board considered information provided by Gazpromneft and the company's consultant for strategic development of oil business, Deutsche Bank and endorsed participation in the auction. Gazpromneft was set up as part of the second stage of Gazprom's reform that envisaged consolidation of the monopoly's profile businesses in independent legal entities. Gazpromneft's core activities are oil and gas condensate production, transportation and storage. In compliance with the Russian government's decision, the state-owned stake in Gazprom will be increased to a controlling stake by merging Gazprom with Rosneft. The latter's oil assets will be integrated in Gazpromneft. In 2003 Gazprom produced 11 mln tons of oil and gas condensate. In 2004 production of liquid hydrocarbons is projected at 11.9 mln tons. Rosneft produced 19.6 mln tons in 2003 and is expected to yield 21.9 mln this year. The auction to sell Yuganskneftegaz is scheduled for December 19. The starting price for the 76.79% stake is 246,753,447,303 rubles ($1 equals approximately 28 rubles). The company's 43 ordinary shares with a nominal price of 177,889.80 rubles each are put up for sale in a single lot. The owner of the stake (debtor) is the Yukos oil company. Bids are accepted from November 19 till December 18. The step will be the same throughout the auction and set within 1-10% of the starting price. Yuganskneftegaz is Yukos's main production unit. All accounts and assets of the oil major and its subsidiaries are now frozen and the Russian Justice Ministry has decided to sell Yuganskneftegaz to recover the company's back taxes. It announced the decision in late July
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