E&Y hired to advise on Yukos sale

Ernst & Young and Gazprombank will advice on the sale of the remaining
assets of collapsed Russian oil giant Yukos as its court-appointed receiver
looks to pay creditors.

Creditors of Yukos are owed about $18.4bn (£9.7bn).

According to reports, Rosneft, the Russian oil giant that acquired Yukos’s
prized ArcticGaz unit in an auction, is likely to buy most of the assets.

Rosneft is also Yukos’s second-biggest creditor but may face competition from
Gazprom, the state gas monopoly

Yukos, once Russia’s biggest oil company, was declared bankrupt earlier this
month leaving the government with a reported $30bn (£15.8bn) tax bill.

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