Russia's Discount Sale
Now begins the endgame for Yukos, Russia's biggest oil producer. One year after authorities arrested founder Mikhail Khodorkovsky, the Kremlin is seeking to recoup at least $4 billion in taxes by forcibly selling the firm's main asset, Yuganskneftegaz, which controls vast Siberian oil fields. The subsidiary, which pumps 1 million bbl. of oil per day — about 60% of Yukos' output — has been valued by Dresdner Kleinwort Wasserstein at between $14.7 and $17.3 billion.

Reports last week suggested the Kremlin might hand it to a Russian rival, Gazprom, for a...

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