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

. Last Updated: 07/27/2016

Yukos May Be Worth $22Bln

A bankruptcy receiver said Friday that initial valuation estimates showed the assets of bankrupt oil firm Yukos might be worth more than $22 billion.

Nikolai Lashkevich, spokesman for Yukos receiver Eduard Rebgun, said in a statement that a consortium of five valuers had valued 180 of 193 Yukos's enterprises.

"According to the valuers' preliminary estimates, the total value of all Yukos assets may exceed $22 billion," he said.

As soon as the valuation is completed at the beginning of February the receiver will start selling the assets of what was once Russia's top firm at open auctions, Lashkevich said.

Vedomosti on Friday quoted a source familiar with the process as saying the final value of Yukos' assets would be slightly over $20 billion, far short of the company's total liabilities of $26.6 billion.

Yukos was declared bankrupt in August and its assets, including several large refineries, oil companies and stakes in other companies, are expected to be put up for sale within a year.

Yukos's main creditors include the Federal Tax Service and state oil firm Rosneft, which analysts say is likely, along with gas monopoly Gazprom, to grab most of the assets.

Rosneft bought Yuganskneftegaz, the main production unit of Yukos, at the end of 2004.