Gazprom To Make Room For Indian Firm

Russia's gas monopoly Gazprom and India's state-run Oil & Natural Gas Corp. may jointly participate in the bid for Yuganskneftegaz, Yukos?s main production unit, according to India's Economic Times.

A 20 percent stake in the venture with Gazprom would double Oil & Natural Gas's existing production, the report said, citing the top Indian official.

Russia's government has ordered the auctioning of Yuganskneftegaz on Dec. 19 to pay Yukos's tax bill of $24 billion, of which $4 billion has so far been collected. The unit accounts for 60 percent of Yukos's oil output.

Oil & Natural Gas Chairman Subir Raha said last week the company, India's biggest explorer, was interested in bidding for Yuganskneftegaz.