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Official: Chevron interested in acquiring Yukos
Alex Nicholson Associated Press Business Writer
Chevron Corp. has expressed interest in acquiring assets of oil giant OAO Yukos, a bankruptcy official said Feb. 9, raising the prospect of a U.S. company participating in the liquidation of a company whose downfall rattled investor confidence in Russia.
Nikolai Lashkevich, a spokesman for Yukos bankruptcy supervisor Eduard Rebgun, told The Associated Press that several international companies had inquired about participating in any auction or sell-off of the assets of Yukos, which was once Russia’s largest oil producer.
“The receiver’s office has received letters expressing interest in acquiring certain Yukos assets from a number of large international companies, including from the U.S. company Chevron,” Lashkevich said.
Irena Rybalchenko, a spokeswoman for Chevron in Moscow, refused to comment on the statement.
A day earlier, Russia’s state-controlled gas monopoly OAO Gazprom said major U.S. energy companies were interested in acquiring assets of Yukos, which was forced into bankruptcy by government tax claims alongside the criminal prosecution of its founder, Mikhail Khodorkovsky.
Gazprom did not specify which companies were interested.
Assets produce 470,000 bpd Yukos’ remaining assets include units that produce some 470,000 barrels per day as well as two refineries. The bankruptcy supervisor is readying the company for a series of auctions — analysts expect them to be dominated by Gazprom and OAO Rosneft, which is also state-controlled and close to the Kremlin.
Rosneft acquired Yukos’ biggest production unit after its disputed auction against back tax bills in 2004, in what observers said marked the start of a drive by the state under President Vladimir Putin to expand its role in the strategically important energy sector.
Were U.S. companies to participate in the liquidation of Yukos, it would mark a striking change in attitude toward the events surrounding Yukos’ partial nationalization and Khodorkovsky’s prosecution. The U.S. administration and industry officials have criticized the legal campaign and said it raises questions about the rule of law and the sanctity of property rights in Russia.
Earlier Feb. 9, Rebgun told the AP that he was unaware of Chevron’s interest, but suggested that many foreign oil companies were keen to buy its assets.
“I think a lot of companies will be interested in Yukos’ assets,” he said.
Prosecutors on Feb. 5 filed new money-laundering charges against Khodorkovsky and his business partner in what their defense lawyers said was a new effort to keep the tycoon behind bars beyond next year’s presidential elections.
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