Rosneft buys assets from Prana

Jul 03, 2007 02:00 AM

Rosneft said that it had bought the Yukos assets won by mystery firm Prana at a bankruptcy auction in June, including the company's Moscow headquarters and a firm believed to be holding $ 3 bn in cash.
Rosneft also agreed to sell 50 % of its newly acquired Tomskneft production unit to Vneshekonombank to reduce its debt.

Media speculation had linked Prana to Gazprom and its affiliates until Rosneft CEO Sergei Bogdanchikov said in June that he was in talks to buy assets from the unknown firm.
Rosneft said in a statement that the Yukos-M trading house, which former Yukos managers have said sits on up to $ 3 bn in cash, "owns assets which are an integral part of the operational and management system" of oil assets it had picked up in previous auctions.

Rosneft emerged the clear winner from the series of auctions held by Yukos' court-appointed bankruptcy manager from March through June to sell of the remnants of the bankrupt oil firm.
Rosneft bought Tomskneft at a bankruptcy auction from Yukos on May 3. Vneshekonombank is Russia's payment agency for foreign debt.

Source: The Moscow Times
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