Install

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

. Last Updated: 07/27/2016

4th Yukos Sale Goes To Rosneft

Neft-Activ, an affiliate of the state-controlled oil firm Rosneft, paid $40 million for a set of oilfield service companies of Yukos at an auction Wednesday.

The Federal Property Fund, which is selling off Yukos' assets to recover debts of more than $26 billion, said in a statement that Neft-Activ outbid two other contenders, Accord and MorTransInvest, the backers of which are unknown.

The winning bid of 1.03 billion rubles ($40 million), 4 percent above the starting price, came after just four bids.

The auction was the fourth in a series of sales that are expected to finish next month, sealing the final breakup of Yukos. The lot of service companies was the second of three small lots going under the hammer this week.

On Tuesday, Yukos' electricity assets went to a mystery buyer, Monte-Valle, and the company's finance firms will go on sale on Friday.

Yukos' former owners have decried its destruction as a Kremlin plot. The former owners include Mikhail Khodorkovsky, who is now serving an eight-year jail sentence in Siberia for fraud and tax evasion. Many shareholders say the state wanted to neutralize Khodorkovsky as a political force and seized his huge oil empire illegally, effectively renationalizing it via the auctions, which are expected to be dominated by Rosneft.

Rosneft is also the top creditor to Yukos after the Federal Tax Service, so it will recoup much of its outlay on Yukos assets when the firm's receiver hands over the proceeds of the auctions.