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. Last Updated: 07/27/2016

Eni Prepares to Make Yukos Bid

MILAN, Italy -- Eni, Europe's fourth-largest oil company, is preparing a bid for the natural gas assets of Yukos, which are set to be auctioned by Russia next month, CEO Paolo Scaroni said in Milan on Friday.

"We're doing all we can to take part in the auction and are getting ready," Scaroni said. "We haven't yet formulated our ideas" on the value of the bid, he told reporters.

Yukos' 20 percent stake in oil company Gazprom Neft will be offered in one lot with 21 other Yukos assets for $5.5 billion on April 4 under bankruptcy proceedings, Yukos' court-appointed manager said March 2.

Scaroni said Feb. 23 that the company was interested in bidding for both of the assets. Previously Scaroni and Enel CEO Fulvio Conti said their companies would bid together and with Russian businessman Grigory Beryozkin's ESN Group for ArcticGaz.

Scaroni said the terms of the auction "hadn't changed that much" and were "more or less what was expected."