Russian Govt to Sell YUKOS Sub

Yesterday the Russian government announced it planned to sell Yuganskneftegaz, YUKOS' main production subsidiary.
The decision emerged with government?s desire to destroy the structure of Russian oil major.

The Justice Ministry said in a statement that court bailiffs were working on a valuation of Yuganskneftegaz, which accounts for nearly two thirds of production at YUKOS.
"After valuation, the Yukanskneftegaz shares will be handed over to an organization that specializes in sales," it said.
Yuganskneftegaz manages 26 oil fields in western Siberia and is thought to hold 10 billion of the company's 17 billion barrels of oil reserves. Yukos said an independent valuation put the subsidiary's reserves at $US30.4 billion.