An East Siberian court has frozen a...
An East Siberian court has frozen a 50% stake in Yukos affiliate Lenaneftegas, as the Russian oil major's problems continue to mount.
Authorities froze the stake after a local pipeline subcontractor filed a lawsuit claiming that the Yukos affiliate owed it about $10 million for construction work.
Lenaneftegas was the temporary holder of a development license for the Talakanskoye field, but was stripped of the right to develop this acreage in November. The state-friendly Surgutneftegas now holds the license.
Lenaneftegas was of relatively little value to Yukos without the Talakanskoye rights. However, Lenaneftegas has millions of dollars worth of equipment still in the field. Analysts have said the court move could be aimed at forcing Yukos to sell the leftover equipment cheaply.
The seizure of Lenaneftegas' assets is widely viewed as part of the general crackdown launched by the Kremlin against Yukos in the middle of last year.
