Source AP ©

Rosneft to buy Yukos stations

State-controlled Rosneft strengthened its position as the nation's top oil company on Tuesday, announcing that it would buy nearly 600 filling stations and other facilities that once belonged to the bankrupt Yukos oil company.

Rosneft said it would pay just over 21 billion rubles (US$815 million; euro606 million) for the filling stations and oil product terminals to Yuniteks - the company which purchased them at liquidation auctions earlier in the year.

"The acquisition of these enterprises will enable Rosneft to become a leader in the growing and attractive oil products retail market in Russia," the company said in a statement.

Yuniteks, a little-known company whose owners have not been disclosed, paid 17.5 billion rubles (euro502 million; US$676 million) for the two lots that included the assets bought by Rosneft.

The liquidation sales were dominated by Rosneft and were organized against billions of dollars in Yukos' back tax debts - which critics allege were manufactured as part of a state drive for dominance in the oil sector.

After buying up Yukos's main oil fields and refineries, Rosneft was transformed into Russia's biggest oil producer with production of over 2 million barrels per day.

In a parallel case Yukos' former CEO Mikhail Khodorkovsky is serving an eight-year prison sentence on tax and fraud charges.

On Monday, the Vesti television channel cited Rosneft President Sergei Bogdanchikov as saying that the company was in talks to buy other assets acquired by the unknown company Prana in the final auction in early May. Prana beat Rosneft in bidding for a lot that included Yukos' towering downtown headquarters.

Comments
Russians lose faith in their future, get ready for worse
Russians lose faith in their future, get ready for worse
Argentina hides the truth about the death of San Juan submarine
Moving inexorably towards war
Presidential and midterm elections in the USA change the 'American project' entirely
USA plays to pretend a mighty dragon that can no longer breathe fire
Presidential and midterm elections in the USA change the 'American project' entirely
Brexit: The UK's misunderstanding of Democracy
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Nagorno-Karabakh: 20,000 people killed, but no one is interested
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Argentina hides the truth about the death of San Juan submarine
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Why Trump tries to re-industrialize America
Russians lose faith in their future, get ready for worse
Theatrical posters depicting naked dancers banned in Russian provincial city