Translated material
Simple Arithmetic
Yukos assets will go to Rosneft for $10 billion
At the end of last week, the headquarters of YUKOS bankruptcy manager Eduard Rebgun scheduled an auction for the sale of the Samara group of bankrupt enterprises, a network of gas stations in the European part of the country and Moscow offices. These are the last large lots during the sale of the company's Russian property. Taking into account the starting price and the experience of previous auctions, in which the final price differed little from the starting price, we can assume that the main contender for Yukos assets - state-owned Rosneft - will spend approximately $20 billion on purchases, with about $10 billion will be able to return as a major creditor of the bankrupt.The lot, which includes all oil production and processing enterprises in the Samara region, including Samaraneftegaz, Kuibyshevsky, Novokuibyshevsky and Syzran oil refineries, will be put up for auction on May 10. The starting price is 154.09 billion rubles. ($5.9 billion). On the same day, networks of gas stations in the European part of Russia will be sold, the starting price is 7.741 billion rubles. (almost $300 million). On May 11, the Moscow offices of YUKOS are being put up for auction, bidding starts at 22.07 billion rubles. (almost $850 million).
While two auctions were held for large lots, the “granddaughter” of Rosneft paid 197.84 billion rubles for 9.44% of the shares of the parent company. (approximately $7.6 billion), and the Italian ENI and Enel acquired gas assets and a 20% stake in Gazprom Neft for Gazprom for 151.536 billion rubles. ($5.8 billion). If, as the office of YUKOS bankruptcy manager Eduard Rebgun suggests, payments to creditors will begin after the transfer of this money, then Rosneft, which controls 37.2% (263.7 billion rubles) of the bankrupt’s accounts payable, could receive 129.9 in mid-April billion rubles ($5 billion). The sale of the remaining YUKOS assets could add at least another 358 billion rubles to the bankruptcy estate. ($13.9 billion). That is, Rosneft will be owed another 133.2 billion rubles. ($5.1 billion).
The state oil company plans to acquire during future auctions, according to experts, the Siberian (Tomskneft, Angarsk Petrochemical Complex and Achinsk Oil Refinery, initial price of 166.3 billion rubles) and Samara group of assets (Samaraneftegaz, Kuibyshevsky, Novokuibyshevsky, Syzran Oil Refineries, initial price 154 billion rubles). In addition, Rosneft may also be interested in a lot that includes YUKOS retail chains located in the European part of Russia. These purchases will require at least 328.1 billion rubles. ($12.6 billion). However, it is possible that the Siberian assets will go to Gazprom Neft or SIBUR.
Rosneft, as is known, raised $22 billion to finance the purchase of the bankrupt’s property. It is possible that during the auctions the price will still differ from the starting price, and it will have to pay more than $20 billion for the assets of Yukos. But this amount is unlikely to exceed the volume of the loan -- as practice shows, bidders are, to put it mildly, not random companies.
The competitive assets based on the results of all auctions (provided that they all take place) will be at least 707 billion rubles. YUKOS accounts payable, according to the register, are 709 billion rubles. It turns out that bankruptcy proceedings will allow the disgraced company to fully pay off all creditors.
YUKOS's foreign assets remain unsold, primarily 49% of the shares of the operator of the Slovak section of the Druzhba oil pipeline, Transpetrol. But the bankruptcy trustee’s headquarters prefer not to talk about their fate, as well as about the money ($1.492 billion) received for a 53.7% stake in Mazeikiu Nafta. “This issue is being resolved,” said the bankruptcy trustee’s press secretary, Nikolai Lashkevich.