Yukos Seeks to Acquire More of Kvaerner

Yukos Finance BV, Dutch-based affiliate of Russian oil group Yukos, launched a bid for another 12.9 percent of Kvaerner, a position that would give it a 25 percent interest. Yuko Finance last week acquired 12.10 percent of the capital in financially troubled Kvaerner.

This will strengthen Yukos' commitment to a key commercial partner and ensure Kvaerner's continued activity in the petroleum engineering sector," said Yukos managing director Mikhail Khodorkovsky in. "Secondly, we expect that a restructuring at Kvaerner will be necessary. If a decision is taken, as part of the restructuring, to sell certain units, Yukos would actively consider buying Kvaerner's Hyrdocarbons division as well as the technological activities of Kvaerner Engineering Construction."