Russian state oil firm Rosneft said it will sell off the assets of former private sector rival Yukos that are not core to its current activities, after purchasing the majority of Yukos' assets during a government auction earlier this month.
Rosneft head Sergei Bogdanchikov told journalists: "We bought a lot of assets and we don't have a need for everything, we are selling those assets that are not core to our activities, that are in isolated regions, and those that do not fit in with our strategic plans," Interfax quoted him as saying.
However, Bogdanchikov denied any agreement with Gazprom on the sale of Yukos assets in eastern Siberia.
Profits from the asset sales will be used to reduce debt, he said.
Rosneft bought five of the 11 lots of Yukos assets that have been put up for auction since the end of March, for almost US$21 billion. These purchases have made Rosneft Russia's biggest oil firm.
(AFX News, 23/05/2007)