Russia acquires Yukos’ Yugansk from Baikal

Russia’s state-owned Rosneft has purchased Yugansk,Yukos’ production unit, from Baikal Financial. Baikal bought Yugansk last week at auction, and there is much speculation about who is behind the mystery firm. As a result of this purchase, the state now controls 11% of Russia’s oil output. Meanwhile, a legal battle over the sale continues in the USA.