Yukos Vows to Challenge Sale of Yuganskneftegaz Amid US Ban

Strategic Insights -

A US court ban on the sale of Yuganskneftegaz, the production unit of Yukos, will remain in effect unless overturned by an appeal. Yukos had previously secured a temporary injunction blocking several western banks and Gazprom's defunct oil arm, Gazpromneft, from participating in the 19 December auction of the asset, which was ultimately won by Baikal Finance Group, acquired by Rosneft. Deutsche Bank and Gazprom are challenging the ruling on jurisdictional grounds, with an initial hearing scheduled for 16-17 February. Yukos plans to take legal action against Gazpromneft, Baikal, and Rosneft.

Key Takeaways:

  • Yukos is committed to challenging the sale of Yuganskneftegaz despite a US court ban on the sale.
  • The temporary injunction, secured by Yukos, specifically bars various western banks and Gazprom's defunct oil arm, Gazpromneft, from participating in the auction.
  • Deutsche Bank and Gazprom are challenging the ruling on jurisdictional grounds, with an initial hearing scheduled for 16-17 February.
  • Yukos plans to take legal action against Gazpromneft, Baikal, and Rosneft, in addition to the western banks that participated in the auction.
  • Economic development minister German Gref has publicly criticized the renationalization of energy assets and called for both Rosneft and Yuganskneftegaz to be privatized.
  • Gref's comments follow the demotion of Andrei Illarionov, who was removed from his role as President Vladimir Putin's chief economic adviser and Russia's chief envoy to the G8 group.
  • Mikhail Khodorkovsky has transferred his stake in Menatep to Leonid Nevzlin, who now holds a 67.5% stake in Menatep, which owns 56% of Yukos.

Statistics:

  • 19 December: The date of the auction of Yuganskneftegaz.
  • 16-17 February: The initial hearing date for the appeal of the US court ban on the sale of Yuganskneftegaz.
  • 9.5%: The percentage of Mikhail Khodorkovsky's direct interest in Menatep transferred to Leonid Nevzlin.
  • 50%: The percentage of Menatep shares held in a special trust transferred by Khodorkovsky to Nevzlin.
  • 67.5%: The stake in Menatep now held by Leonid Nevzlin.
  • 56%: The percentage of Yukos owned by Menatep.

Sources:

  • FSUE (3 January)
  • Vedomosti