Russia's state-owned oil and gas giant Rosneft has snapped yet more Yukos assets through its Neft-Aktiv subsidiary. The Rosneft subsidiary won lot 10 of the bankrupt oil company's property, which included stakes in 37 enterprises. According to The Moscow Times, Rosneft is now Russia's largest oil player.
Rosneft said that, after an opening price of RUB166.3 billion, its Neft-Aktiv subsidiary offered the winning bid of RUB175.7 billion ($6.8 billion). The most important of the 37 enterprises included 100% of Tomskneft-VNK, Angarsk Petrochemical Company, Achinsk Refinery, Angarsk Polymer Plant and Strejevskoy Refinery.
The company also received 70.78% of East Siberian Oil and Gas Company and 25.88% of the entities operating in the Tomsk Region power market, including Tomskenergo, Tomsk Distribution Company, Tomsk Energy Retail Company and Tomsk Transmission Networks.
As well as the refining capabilities received through Angarsk Petrochemical Company and Achinsk Refinery, and the exploration and production operations received through Tomskneft-VNK and East Siberian Oil and Gas Company, lot 10 furnished Rosneft with a number of retail assets.
Indeed, the company’s retail business acquisitions included eight retail subsidiaries in East Siberia controlling 236 retail stations, which sell approximately 2,000 tonnes of fuel per station annually.
Rosneft said that the acquisitions are a significant step in the company’s development and will accelerate improvements in its operational and financial performance, as a result of improved vertical integration, subsequent earnings growth – particularly from the attractive downstream market in Russia, and benefits of scale.