Starting price for Yakut oil and gas field increased

The starting amount of the single payment at the auction for selling the Talakanskoye oil and gas field (the Republic of Yakutia) will be increased by several times and considerably overcome $150m, a source in the Russian Ministry of Natural Resources reported to RBC. However, this issue has not been coordinated so far. Yakut President Vyacheslav Shtyrov has not discussed it with the Ministry yet. Final figures will be specified after they are coordinated with the Nature Ministry and other interested authorities.

Today, the President of Yakutia stated that the starting price for the auction had been increased by 2.7 times and would reach $150m. He reported that the auction would be held in mid-2003. Its major participants will be YUKOS, Rosneft, Gazprom and Surgutneftegaz, the official stated. The starting price was previously set at $56m. The auction was scheduled for December 26, 2002, but the Nature Ministry and the Yakut government decided to postpone it.