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LUKoil is considering buying the assets of embattled oil firm Yukos
Russia's biggest oil company LUKoil, which accounts for 2% of global oil output, is considering buying the assets of embattled oil firm Yukos, the president of LUKoil said Monday in a leading business daily. "For example, if the Yukos shareholders decide to sell Lithuania's Mazeikiu Nafta, we will bid in the tender," Vagit Alekperov told Vedomosti. "If tenders for any of Yukos assets are organized, we are ready to discuss such options." The oil company Yukos has a 53.7% stake in Mazeikiu Nafta, which refines and transports oil. The Mazeikiu enterprise refines 15 million metric tons of oil a year and is in northwestern Lithuania, about 90 kilometers from sea terminals in Bitinge, Klaipeda and Ventspils. Alekperov said LUKoil had not bid in a tender for Yuganskneftegaz, Yukos's core production unit and prize asset, because the company took the view that the auction was a complex one. In December 2004, Russia's sole wholly state-owned company, Rosneft, became the owner of Yuganskneftegaz after it acquired 100% of the shares in a little-known company, Baikal Finance Group, which had bought a 76.79% stake in Yuganskneftegaz at an auction on December 19. LUKoil is Russia's largest oil business group with annual sales of $20 billion. It is the world's second largest private firm in terms of its proven hydrocarbon reserves
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