No Yuganskneftegaz Sale Without Yukos Approval — Federal Property Fund Official

Russia’s Federal Property Fund will not be able to go ahead with the sale of Yuganskneftegaz, the main production asset of Yukos Oil Company, until Yukos gives its approval to results of the evaluation carried out by the Dresdner Kleinwort Wasserstein investment bank and announced by the Justice Ministry.
This information was related to the Prime-Tass economic news agency by Vladimir Zelentsov, the official representative of the Property Fund. “Theoretically speaking, we cannot do this [sell Yuganskneftegaz] without Yukos’ agreement,” said Zelentsov, pointing out that it is difficult to forecast the development of the situation. “The Property Fund is nothing more than a trading floor, in this case we cannot determine either the method of sale, or the starting price. It is the prerogative of the court bailiffs’ service.” Zelentsov also said that after Yukos is notified of the results of the audit the oil company will have 10 days to contest the results of the evaluation which then may be carried out once again by another auditor.
Alexander Shadrin, Yukos’ press secretary, told Prime-Tass on Wednesday, Oct. 13, that so far the company has not received the official results of the Yuganskneftegaz evaluation carried out by Dresdner Kleinwort.

(from Moscow News)