Russian oil and gas firm Gazprom will not partner ONGC in bidding for the oil production unit of Yukos. Gazprom’s Deputy Head of International Projects Abubakir S. Shamuzov told reporters on the sidelines of an oil and gas conference that “we are bidding alone. It is very difficult to create a consortium before the bid date of December 18.”Three companies submitted their bids to buy Yukos’ unit Yuganskneftegaz, which produces 1 million barrels per day of oil or over 60 per cent of Yukos’ output. The bidders are Gazpromneft, an oil unit of natural gas monopoly Oao Gazprom, OOO First Venture Company and Zao Interkom.Russia is putting 76.79 per cent stake in Yukos’ main oil producing unit, Yuganskneftegaz, on auction, which is to take place on December 19. It has set $8.65 billion as the starting price.Petroleum Minister Mani Shankar Aiyar had earlier this month stated that Indian firms will tie up with Russian companies like Gazprom to bid for the Yukos subsidiary.ONGC chairman Subir Raha had said the company was looking at acquiring individual assets (oil or gas fields) of Yukos but acquiring a subsidiary company of the Russian giant was not possible. “There are issues of management and the financial implications,” he had stated.
