The Justice Ministry announced the move among plans to dismantle the former oil giant in a bid to reclaim massive back tax debts. Despite its US$30 billion valuation the Government looks set to sell the Siberian producer to companies considered loyal to President Putin, such as Surgutneftegaz or gas utility Gazprom for as little as US$1.75 billion.
"After completion of an [valuation] appraisal, the stake in OAO Yuganskneftegaz will be transferred to a special organisation to be sold," said the Ministry.
The Siberian subsidiary provides more than 60% of Yukos' total oil output and is in the top 12 oil-producing companies in the world, its production ranking alongside that of a country such as Algeria.
Yukos has put forward several conventional payment plans for the US$3.4 billion tax debt in a desperate attempt to keep the company in one piece. Former CEO Mikhail Khodorkovsky offered his share holdings as a settlement offer while the company itself organised a three year payment plan that would have involved the sale of its stake in rival oil company Sibneft.
However, Russian authorities have rejected both plans and frozen all Yukos assets which has stopped the company from making partial cash payments on the debt.
