REGARDLESS OF SALE, YUGANSK WILL PRODUCE OIL

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MOSCOW, Nov 23 (RIA Novosti) - Now Yugansk is continuing to work in the plus, oil production is growing, and regardless of whether the company will be sold or not, oil will be produced further and there will be no malfunctions in production, and people will work," Oleg Gordeyev, deputy head of the Federal Energy Agency said.

Mr. Gordeyev said both Russian and foreign companies could participate in the auction to sell Yuganskneftegaz.

"According to the law, the one who will offer the best conditions will be declared winner," said Mr. Gordeyev.

According to a notification of the Russian Fund of Federal Property, the auction to sell 76.79% of OAO Yuganskneftegaz shares will take place December 19.

The initial price of the package of shares is 246,753,447,303 rubles ($1 equals 28.52 rubles).

43 ordinary shares of Yuganskneftegaz, with a face value of 177,889 rubles 80 kopecks each are auctioned as a single lot, reads the notification.

OAO Yukos Oil Company is the owner of the package (debtor), specifies the document.

Applications for participation in the auction are accepted from November 19 to December 18. The step of the auction is permanent during the bids and is fixed at 1-10% of the initial price.

OAO Yuganskneftegaz is the main production unit of Yukos. All accounts and assets of Yukos and its production affiliates were arrested, and for repayment of back taxes, the Russian Justice Ministry decided to sell Yuganskneftegaz. The ministry voiced its decision to sell the largest affiliate of Yukos for repayment of its back taxes late in July.

Yuganskneftegaz was assessed by Dresdner Kleinwort Wasserstein (DrKW) by Justice Ministry order. The bank distributed its conclusion in mid-October after the Justice Ministry said the bank had evaluated Yuganskneftegaz at $10.4 billion.

Proceeding from the document, Yugansk is assessed without back taxes at $15.7-18.3 billion.

Experts note that the $10.4 billion assessment is the most conservative, but just and adequate.

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