Related: Putin defends nationalization of Yukos' main assets

Russia's state-owned Rosneft becomes owner of key Yukos unit

China National Petroleum Corporation could be offered a 20% stake in the main production unit of Russia's oil giant Yukos.

    BEIJING, Dec. 31 -- Russia's Industry and Energy Minister Viktor Khristenko has said that the China National Petroleum Corporation (CNPC) could be offered a 20 percent stake in a state-owned Russian company which will run Yuganskneftegaz, the main production unit of embattled oil giant Yukos.

    Khristenko did not mention the name of the company that will eventually own Yuganskneftegaz which produces 60 percent of Yukos' output and was sold in a government auction on December 19 to raise fund to cover part of Yukos' multi-billion-dollar tax arrears.

    He noted that under agreements between Russia and CNPC, both sides are allowed to buy one another's assets in accordance with bilateral strategic understandings covering the expansion of energy cooperation.

    (Source: CRIENGLISH.com)