» 21 December 2004
An increasing number of observers suspect that Surgutneftegaz is behind Baikal Finance Group who won the auction for a 78% stake in Yuganskneftegaz. We predicted in the October issue of Russian Energy Monthly that Surgutneftegaz was the most likely buyer, and we think that it could just about afford the $9.3 bn price from its own resources. However it is possible that existing (or potential future) shareholders in Baikal could include Gazprom and CNPC of China.

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