RusEnergy

02 April 2007 - Upstream onLine - Russia's state-controlled oil producer Rosneft has confirmed it will bid for Yukos' gas assets when they go under the hammer on Wednesday. Rosneft spokesman Nikolai Manvelov said Rosneft's affiliate NeftTradeGroup had registered for the auction on 4 April. Russia will sell Yukos gas companies Arcticgas and Urengoil, as well as the bankrupt producer's 20% in Gazprom Neft, the oil arm of Russian gas exports monopoly Gazprom. The starting price for the lot has been set at 144.8 billion roubles ($5.57 billion). Gazprom itself as well as Russian independent gas producer Novatek and a consortium of Italy's Eni and Enel had been previously seen as the front-runners at the auction, Reuters said. Rosneft and Gazprom have been top rivals at almost all big Russian auctions and assets sales since their failed merger two years ago. Rosneft already controls Yukos' top production unit Yuganskneftegaz and last week it bought back a 9.44% stake of its own shares from Yukos at a similar bankruptcy auction.