Yukos Sells Rospin Stake For $44 Million

The Yukos Oil Company has said that it has sold forty four percent of ZAO Rospan International to the Tyumen Oil group, ending a half year dispute between Russia's second and third largest oil companies over the Siberian natural gas fields. Tyumen will pay Yukos $44 million for the stake, thus completing an agreement that was reached on May 8th, Yukos said in a statement. The rivals have been battling for control of Rospan, a bankrupt Arctic natural gas producer with reserves equal to Russia's annual demand for the fuel. “The sides will undertake measures to achieve an amicable settlement between themselves” Rospan creditors over the next two months, said the statement. Rospan owes about 3.1 billion ruble ($100 million) in debts.

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