Fitch: Yuganskneftegaz sale favorable to E.ON

Fitch Ratings said a significant stake in Yukos' main oil production unit, Yuganskneftegaz, could be sold to Gazprom-Rosneft (BB/stable) by the end of November, with the probable involvement of German utility E.ON (AA-/stable).

Fitch said E.ON's interest in taking an upstream position in Russia would be reasonable as the company has consistently expressed an interest in securing natural gas projects and electricity production in Russia. It has also been a long-standing strategic partner of Gazprom, with 6.5% of the company's shares. Additionally, Fitch said E.ON is expected to participate in numerous strategic projects with Gazprom including the development of the Yuzhno-Russkoe gas field that will supply gas for the Northern European pipeline.

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