Financial Times FT.com

Rosneft snaps up more Yukos assets

By Catherine Belton in Moscow

Published: August 9 2007 04:01 | Last updated: August 9 2007 04:01

Rosnefton Wednesday won another Yukos bankruptcy auction, buying key transport assets, including those used for exports to China, as it continued its drive to swallow up what was once Russia’s biggest oil producer.

The state-controlled oil group paid $729m, a fraction above the starting price, after its only rival, an obscure company called Benefit, pulled out immediately after Rosneft’s first bid. The auction lot included Yukos’s key transport units, East Asia Transit and Yukos-Transservice, which owns long-term leasing contracts on 7,000 railway tank cars and short-term contracts on 5,000 cars.

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