Russian state-owned oil concern Rosneft has purchased a number of the former assets of bankrupt oil firm Yukos from mystery company Prana for an undisclosed amount. The company is also selling 50% of Tomskneft in order to reduce debt incurred through recent acquisitions.
Prana acquired the Yukos assets at an auction held by the Kremlin in May 2007, for $3.9 billion. The assets now acquired by Rosneft include Yukos-M Trading House, CJSC Yukos Exploration and Production, CJSC Yukos Refining and Marketing, and Yukos Finance and Accounting Center.
Rosneft said that Yukos-M Trading House owns assets that are an integral part of the running of the upstream and downstream assets previously acquired by the company, including material working capital balances, inventories, infrastructure, contractual rights, management information systems, staff and related know-how.
However, according to The Moscow Times, former Yukos management has claimed that Yukos-M Trading House has cash reserves amounting to some $3 billion.
The purchased units also include service stations and other related assets in Moscow and the Moscow region, as well as real estate and various management companies.
Rosneft said that the acquisition of assets from Prana will facilitate the integration of refining and marketing assets that the company has purchased previously.
Rosneft is also to sell 50% of Tomskneft to Vnesheconombank via its Neft-Aktiv unit. Ronseft acquired the oil production unit at a Yukos auction held earlier in the year and will use proceeds from the sale to complete recently announced acquisitions without raising any further debt.
The company said that it will continue to reduce debt through the integration of recently acquired assets, improved operating performance, enhanced downstream margins, and potential asset sales.