This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6645625.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Yukos headquarters up for auction Yukos final assets fetch $3.9bn
(about 2 hours later)
The headquarters of Russia's bankrupt oil firm Yukos in Moscow are to be auctioned off on Friday, marking the end of the once-dominant firm. The last assets of Russia's bankrupt oil company Yukos, including its HQ, have been sold to little-known firm Paran for 100bn roubles ($3.9bn; £2bn).
Assets of Yukos are being sold as a way to pay off $26bn in tax debts. The company outbid state-run Rosneft - the expected winner - by offering four times the opening bid.
On Thursday, an offshoot of state-run Rosneft bought Yukos's last production assets for 165.5bn roubles ($6.42bn). The move marks the end of once-dominant Yukos, whose assets are being sold to pay off $26bn in tax bills imposed after fraud investigations.
Yukos was declared bankrupt after a series of fraud inquiries which also led to its former chief Mikhail Khodorkovsky being jailed. On Thursday, an offshoot of Rosneft bought Yukos' last production assets.
Creditors' demands Rosneft bought the last outstanding refining and production asset of Yukos - Samaraneftegaz - at auction for 165.5bn roubles.
Expected winner
The starting price at Friday's auction which included the 22-storey Moscow headquarters, as well as various subsidiary outfits, had been 22bn roubles.
It had been widely thought Rosneft - which has been buying up Yukos assets for several years - would buy the headquarters.
By buying Yukos assets including its three main production units -Yuganskneftegaz, Tomskneft and Samaraneftegaz - Rosneft now owns more than 40% of Russia's oil production.
Thursday also saw 537 Yukos petrol stations sold at an auction, to energy firm Yuniteks.
As well as facing huge debts, Yukos former chief executive and founder Mikhail Khodorkovsky was jailed for tax evasion.
Yukos has argued that the tax demands made by the government were tied to a political campaign against Mr Khodorkovsky, who is currently serving an eight-year prison sentence in Siberia.Yukos has argued that the tax demands made by the government were tied to a political campaign against Mr Khodorkovsky, who is currently serving an eight-year prison sentence in Siberia.
Russia's government started breaking up Yukos in 2003 after Mr Khodorkovsky was sent to prison.Russia's government started breaking up Yukos in 2003 after Mr Khodorkovsky was sent to prison.
The dismantling of Yukos has made state-controlled Rosneft the dominant energy player in Russia.
By buying Yukos assets - including its three main production units -Yuganskneftegaz, Tomskneft and Samaraneftegaz - Rosneft now owns more than 40% of Russia's oil production.
After Rosneft bought the last outstanding refining and production asset of Yukos - Samaraneftegaz - during an auction on Thursday, energy firm Yuniteks bought 537 Yukos gas stations, also at an auction.
Nikolai Lashkevich, a spokesperson for the Yukos bankruptcy supervisor, said the auctions should raise sufficient funds to pay all outstanding debts.
"We can comfortably assume that all the demands of creditors will be paid in full," said Mr Lashkevich.