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. Last Updated: 07/27/2016

Eastern Oil Sale Failure Reported

The commercial tender with investment requirements for the sale of 34 percent of shares in the Eastern Oil Co., or VNK, slated for Tuesday, failed to take place, a source close to the tender commission said.

The Russian Federal Property Fund is yet to confirm the failure of the tender. Some reports say one of the two bidders bowed out of the tender which needs at least two bidders to be valid.

The first attempt to hold the tender was in November 1997. However, only one bid, from the Taldom-based Opus company, was submitted. Opus is close to the Rosprom-Yukos group, which owns the controlling interest in VNK.