Russia energy giants set for further acquisitions

Russia’s state-controlled energy giants are preparing for more acquisitions that could give the government ownership of almost half the country’s oil production, the most since privatisation of the Soviet industry began more than 10 years ago, according to a published newspaper report.

State oil company OAO Rosneft is seeking at least several billion dollars of financing to buy many of the remaining assets of OAO Yukos at state-mandated bankruptcy auctions in coming months, The Wall Street Journal reported on its Web site, citing industry executives and others close to the situation .