Russian State-Owned Rosneft Buys Yuganskneftegaz

World | December 23, 2004, Thursday // 00:00

Russia's state-owned oil company OAO Rosneft will acquire Baikal Finance Group, which on Dec. 19 won a USD 9.34 B auction for OAO Yuganskneftegaz, the main production unit of OAO Yukos Oil Co., Russia's largest petroleum exporter. The sum of the deal was not disclosed. The move comes after Russian President Vladimir Putin greenlighted plans for OAO Gazprom, the world's biggest natural gas producer, to buy Rosneft, tightening government control of Gazprom.

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