Russia: Emergence of a New Oil King

In another auction by the bankrupt oil firm Yukos, Russia's state-controlled Rosneft has acquired the Yukos production unit Tomskneft for $6.8 billion, making Rosneft the largest oil firm in Russia. Noticeably absent from the auction was Rosneft's rival, state-controlled Gazprom — evidence of the Kremlin's continued push for balance between the two companies.