Rosneft's Moscow offices (file photo) (ITAR-TASS)
March 20, 2007 -- Russian state-controlled oil firm Rosneft today announced it will take out $22 billion in loans in order to bid for assets of bankrupt oil giant Yukos.
The assets go up for auction on March 27.
Yukos was forced into bankruptcy after Russian authorities claimed tens of billions of dollars in back taxes. Its founder, Mikhail Khodorkovsky, is serving an eight-year prison sentence after being convicted of fraud and tax evasion in what many say was a politically motivated trial.
Russia And Global Energy Security
An oil field in Russia's Republic of Bashkortostan (TASS file photo)
ENERGY SECURITY is increasingly moving to the top of the EU's agenda in its dealings the outside world. A recent report identifies the European Union's main energy objectives as not just securing gas and oil deliveries from Russia, but also ensuring that it has reliable alternative sources, including in Central Asia. Nonetheless, EU officials say relations with Russia take center-stage in their thinking....(more)