Moody’s downgraded Yukos’ B1 senior implied rating to B2 and issuer B2 rating to B3 leaving them under review for possible further downgrade. The decision reflects high possibility of Yukos being forced to sell its major assets to meet the outstanding claims
from tax ministry. Still, the agency believes that Yukos has sufficient assets to face current demands. Meanwhile, deputy EconMin Andrei Sharonov said the risk is high that Yukos can go bankrupt after the sale of Yuganskneftegaz. Yukos can meet the USD 7.4bn tax bill for 2000 and 2001, while charges for 2002 and 2003 may also be provided. About USD 3bn was already paid to bailiffs. Despite the fact the starting price for Yuganskneftegaz has not been set yet, justice ministry says German investment bank DrKW valued the company at USD 10.4bn. Later DrKW objected saying that only the company’s equity is worth USD 15.7-18.3bn. Also, Yukos said it would receive another appraisal of Yuganskneftegaz from JP Morgan by the first week of November. Kommersant business daily reported that Yuganskneftegaz may be sold already on Nov 22.
Meanwhile,Gazprom reported yesterday that DrKW has finished the preliminary appraisal of Gazprom and Rosneft’s assets.
Gazprom’s chairman Alexei Miller says Gazprom may receive both Rosneft and Zarubezhneft for its 10.7% stake, which is necessary to the state to get the controlling interest. Zarubezhneft is already being appraised by DrKW. Also, deputy EconMin Andrei Sharonov said yesterday that structures affiliated with Gazprom may take part in auction for Yuganskneftegaz. He added the possibility is high that Germany’s E.ON, Gazprom’s partner, would apply. At the same time, if Gazprom also gets Yukos’s Yuganskneftegaz, it would become almost equal to #1 oil producer Lukoil, which expects to produce 87mn tons of oil in 2004. Consolidated oil production of the abovementioned companies (ex Lukoil) together with Gazprom’s output would make up about 83mn tons.