IN SHORT

Yukos confirms Transpetrol sale to Russneft

THE RUSSIAN oil company Yukos has sold its 49 percent stake in Slovakia's oil transit company, Transpetrol, to the Russian firm Russneft for $103 million (€87 million), the company said in a statement sent to The Slovak Spectator.

The sale contract was signed on February 4, and the deal is expected to be completed within 90 days since the new owner must first obtain a ruling from the PMÚ, the Slovak antitrust authority. If the PMÚ approves the deal, it can then be passed by the Economy Ministry.

"Our discussions with the Slovak government were very constructive over the past few months, and we agreed that the offer submitted by Russneft was in line with the interests of all parties involved," said Yukos President Steven Theede.

Yukos bought its stake in Transpetrol in 2002 for $74 million (€62.4 million). The Slovak state still owns a 51 percent stake in the company.

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