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Tuesday, January 24, 2006

Rosneft assets to be posted soon

RBC, 24.01.2006, Moscow 16:40:21.Rosneft's assets evaluation will be completed in 10 to 15 days, head of the Russian Federal Property Agency Valery Nazarov told journalists today. The present evaluation takes into consideration the acquired VerkhnechonskNefteGaz. Rosneft's program to consolidate its subsidiaries includes 12 companies, among which is YUKOS' former asset Yuganskneftegaz (76.79 percent of which Rosneft acquired in December 2004). The company plans to finish consolidation in the first half of 2006, and to conduct an IPO on the London Stock Exchange and in Russia in the second half of the year. It is possible that a minority stake in Rosneft will be sold prior to the IPO so as the state can repay its $7.6bn debt. The debt was incurred when the state increased its stake in Gazprom to a controlling one.

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