<p>The Russian government is currently dismantling and selling off Yukos' assets, after the firm became embroiled in a tax evasion scandal resulting in bankruptcy. The sales are being held to pay back the estimated $26 billion that that the company owes in back taxes. <br /><br />BP's TNK-BP joint venture was the only other bidder in the auction, which according to Forbes went through 10 steps before RN-Razvitiye won. RN-Razvitiye recently secured a loan for $9 billion in order to finance the purchase of Yukos assets. <br /><br />The auction was not without controversy, however, as industry observers speculated that TNK-BP was pulled into the auction by the Kremlin to ensure that it went ahead. The auction needed at least two bidders to proceed. <br /><br />Although the Times Online reported a TNK-BP spokeswoman as saying: Unfortunately, our bid was not enough and we congratulate Rosneft, the newspaper added that this outcome is unlikely to come as a surprise, as many believed TNK-BP's involvement was staged. <br /><br />The online publication commented that when Yukos' 20% stake in the former Sibneft, now Gazprom Neft, goes on sale on April 4, 2007, Gazprom is likely to be the successful party.</p>
