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Yukos Auction To Go Ahead Despite U.S. Court Ruling

17 December 2004 -- Russia's Federal Property Fund today said the sale of the main asset of the embattled Yukos oil giant is due to go ahead despite a U.S. court ruling ordering a 10-day halt to the sale.

Fund spokesman Aleksandr Komarov said the sale of Yuganskneftegaz will go ahead 19 December "as planned."

A U.S. bankruptcy court ordered a halt to the sale late yesterday, but specifically excluded Moscow from the list of entities barred from participating in the sale due to the sovereign immunity of foreign governments in U.S. courts.

However, the order bars Gazpromneft, a subsidiary of Russian gas monopoly Gazprom which was to bid for Yuganskneftegaz, from taking part in the auction.

It also stops any participation by France's BNP Paribas, U.S. financial giant JP Morgan, and Germany's Deutsche Bank AG, which were among Western financial institutions that were to finance Gazprom's bid.


See also:

Gazprom Positions Itself To Win Yuganskneftegaz Tender