Initially the Deutsche Bank consortium was to finance the Yuganskneftegaz purchase, however, after Texas Bankruptcy Court?s ban on Yuganskneftegaz auction, it had to withdraw.
Russia has already offered CNPC 20 per cent stake in Yuganskneftegaz.
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Russia To Borrow From China For Rosneft
Russia has already offered CNPC 20 per cent stake in Yuganskneftegaz
Russian bank Vnesheconombank borrowed a $6 billion from Chinese banks to finance state oil company Rosneft's purchase of Yukos? key production unit Yuganskneftegaz, a senior Russian official said Tuesday.
Yukos' core subsidiary Yuganskneftegaz was put up for auction in December 2004 to raise money for the payment of Yukos' multi-billion-dollar back tax bill, and was acquired by Rosneft. State-run Rosneft had paid $9.4 billion for Yuganskneftegaz after it purchased Baikalfinansgroup, the previously unknown company that unexpectedly won the bid for Yuganskneftegaz, which produces 60 percent of Yukos' output.
Initially the Deutsche Bank consortium was to finance the Yuganskneftegaz purchase, however, after Texas Bankruptcy Court?s ban on Yuganskneftegaz auction, it had to withdraw.
Chinese oil major CNPC is rumored to pay last month $ 6 billion to 'Rosneft' as 'advance payment' for the oil deliveries to China till 2010. This would enable 'Rosneft' to return money to "Vnesheconombank" which in its turn would repay the Chinese banks.
Russia has already offered CNPC 20 per cent stake in Yuganskneftegaz.
Initially the Deutsche Bank consortium was to finance the Yuganskneftegaz purchase, however, after Texas Bankruptcy Court?s ban on Yuganskneftegaz auction, it had to withdraw.
Russia has already offered CNPC 20 per cent stake in Yuganskneftegaz.
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