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Gazprom to Bid for Yuganskneftegaz.

Europe Intelligence Wire

| December 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From The Moscow Times)

Gazprom will bid for Yuganskneftegaz as the Kremlin forges a massive state-controlled oil and gas major to include Yukos' main production unit.

The gas giant's new oil unit, Gazpromneft, will bid for Yuganskneftegaz, building up oil production to compete with major world energy companies such as ExxonMobil, BP and Royal Dutch/Shell Group, Gazpromneft general director Sergei Bogdanchikov said Tuesday.

"Gazpromneft will take part in the auction for Yugansk," a visibly nervous Bogdanchikov told a hushed conference at Gazprom's headquarters in southwestern Moscow.

"We will continue to work on acquiring assets because Gazprom must have two components of equal strength [in oil and gas] so that Russia has at least one really world-class company."

The announcement confirmed fevered speculation that Gazprom would take part in the auction for 76.79 percent of Yugansk. The Federal Property Fund said last month that the unit would be sold at auction on Dec. 19 with a starting price of 246.75 billion rubles ($8.65 billion).

Having Gazprom buy Yugansk allows the Kremlin to build up the gas giant's oil production as it crafts a state-controlled energy colossus capable of competing on world markets while destroying Yukos, whose controlling shareholders have been in conflict with the Kremlin for a year and a half.

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