India's bid for Yukos asset

After the huge Sakhalin investment, India is now hoping to get some of the assets of the beleagured Yukos. During his visit to India Valdimir Putin famously acceded to Aiyar's request for a "Christmas gift" by giving permission to Indian companies to form joint ventures with Russian firms bidding for the main Yukos company last month. This did not fructify because there was no time left to finish the fomalities of forming the joint venture then.

However now when its the turn of Yukos's its giant oil plant and former prize asset, Yuganskneftegaz, there should be no time pressures in ensuring the formalities required a completed.

For the record, these Indian maneouvres pale in comparison with the Chinese efforts. Apart from its likelihood of getting a 20 percent stake in the same plant, as against ONGC's 15 percent for $2 bn, we also have a Chinese bid for the American giant Unocal Corp for all of $13 billion.