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

. Last Updated: 07/27/2016

Rosneft May Bid for Yukos' Foreign Assets

State-controlled oil firm Rosneft has submitted a bid to buy the foreign assets of bankrupt oil firm Yukos at a state-forced auction Wednesday, Rosneft said Monday.

The Federal Property Management Agency, which has sold almost all of the bankrupt firm's assets in a string of auctions this year, is planning this week to sell foreign Yukos assets that include a 49 percent stake in Slovak pipeline monopoly Transpetrol.

A spokesman for Rosneft, which has bought most of the Yukos assets already sold, declined to say whether the firm would bid on its own or through a subsidiary, as it did at some of the previous auctions.

Another state-controlled giant, Gazprom, said it would not bid. Analysts had said Gazprom might rival Rosneft at the auction.

Yukos receiver Eduard Rebgun has set the starting price for Netherlands-based Yukos International U.K. at $300 million. Apart from the Slovak stake, the unit also has at least $1.5 billion cash on its accounts.

Rebgun has said the low starting price reflected the assets' risks.

He declined to comment on how many bidders would take part in the sale, but said the auction, which must have at least two bidders to be valid, was very likely to happen Wednesday, as scheduled.

The planned sale is contested by the management of the unit, which says Dutch law might not recognize the sale because the assets are beyond Russian jurisdiction.

Former Yukos shareholders have warned that potential buyers of the firm's assets would face life-long litigation. They filed a number of suits with Dutch courts and the European Court of Human Rights claiming that the company's bankruptcy was illegal. The next hearing by the District Court of Amsterdam is scheduled for Oct. 31.