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Rosneft Reportedly Buys Yukos Subsidiary

22 December 2004 -- Russian state oil company Rosneft has reportedly become the new owner of embattled oil major Yukos's main production subsidiary.

A spokesman for Rosneft today said the company has bought 100 percent of the shares of Baikalfinansgrup, a previously unknown firm that purchased Yuganskneftegaz, the Yukos subsidiary, in an auction on 19 December.

Russian tax officials forced the sale of Yuganskneftegaz to repay massive tax debts it says are owed by Yukos. Yukos says it has been targeted for political reasons.

(AFP/Interfax/ RFE/RL's Russian Service)