Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Yukos to Make Bid for Onako




Yukos oil giant said Friday that it would bid $200 million to $400 million for an 85 percent stake in Onako, one of four large oil stakes the government plans to privatize this year.


Last week, the government decided to sell off the Onako stake as well as a 25 percent plus one share stake in Rosneft, a 19.68 percent stake in Slavneft and to float a 4 percent to 4.5 percent stake in LUKoil as American Depositary Receipts on the New York Stock Exchange. The deals could bring in more than $1 billion this year.


Yukos has its eye on Onako because it controls the Ural Mountains-based oil producer Orenburgneft, in which Yukos already has a 16 percent stake, company head Mikhail Khodorkovsky said at a news conference, Prime-Tass reported.


Yukos is caught in a dispute with Orenburgneft over a recent shareholders meeting at which the oil company says it was barred from nominating a member to the board of directors. Yukos has since taken the oil producer to court.


LUKoil also expressed interest in the Onako stake Friday, and the Federal Property Fund has said Sibneft is also considering placing a bid.


Meanwhile, Khodorkovsky said he hoped the government would auction off the stake without investment conditions, saying that would make the sale more transparent.


He said the terms for the sale should be announced in June if the government intends to follow through with its plan to hold the auction in August.