RusEnergy

23 May 2007 - Upstream OnLine - Russia's Rosneft said it will sell off some of the Yukos assets it bought in a series of bankruptcy auctions, as they are not essential to the state-run oil producer's operations. Rosneft boss Sergei Bogdanchikov told Russian news agency Interfax: "We bought a lot of assets and we don't have a need for everything, we are selling those assets that are not core to our activities, that are in isolated regions, and those that do not fit in with our strategic plans." However, Bogdanchikov denied any agreement with Gazprom on the sale of Yukos assets in eastern Siberia. Profits from the asset sales will be used to reduce debt, he said. Rosneft bought five of the 11 lots of Yukos assets that have been put up for auction since the end of March, for almost $21 billion.