Russia's Yukos loses crown jewel as state dismantles top oil firm

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&cid=1504&ncid=1504&e=2&u=/afp/20041219/ts_afp/russiaenergyoil_041219150734

MOSCOW (AFP) - Russia dismantled the country's top private oil group as it auctioned off Yukos' core production subsidiary in a forced sale that handed the jewel asset to a mystery bidder possibly linked to state-run gas giant Gazprom.

Defying an 11th-hour US legal order barring the sale, the Russian government sold off Yukos' flagship Siberian oil-pumping arm, Yuganskneftegaz, for 9.35 billion dollars (7.02 billion euros), to the previously unknown Baikalfinansgroup. snip

The unprecedented destruction of Russia's most successful firm is seen in Moscow as the brainchild of the Kremlin, where a powerful group of former KGB officers hold sway in President Vladimir Putin (news - web sites)'s court.

With geopolitical rivalry growing between the West and Russia, shown by the bitter row over disputed presidential elections in Ukraine, regaining control of vital oil resources that were privatized in the 1990s has become a national security priority, analysts say.

"By doing so, the state will have restored its previous control over a big piece of an industry that is not only the most important element in the local economy, but along with natural gas, is increasingly the modern equivalent of military might," Christopher Weafer, chief strategist at Alfa Bank, said.

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[matt819]

1. Anyone wanna bet?

There's a US oil interest somewhere in here, and, tinfoil hat firmly planted on head, there's a connection to you know who?

[NashVegas]

2. how .. odd

compare to this earlier story ...


http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1084473