GAZPROM, the Russian state-run gas monopoly, last night transformed itself into a global oil giant when its merger partner took a 76.6 per cent stake in Yuganskneftegaz, the core asset of Yukos.

In a move which effectively renationalises the Yukos division, Rosneft, the Russian oil group that is to merge with Gazprom, bought a 100 per cent stake in Baikal Finance Group, which in turn was the successful bidder in Sunday’s auction of Yuganskneftegaz. Gazprom is already the world’s biggest gas group.

The sale is the latest surprise in the tortuous saga of Yukos, the Russian oil giant whose founder and former chief executive, Mikhail Khodorkovsky, has been imprisoned on charges of tax evasion.

Baikal’s sale to Rosneft also confirms speculation that Yuganskneftegaz, which produces more oil than some Opec countries, would fall into government-controlled hands.

The consolidation of Yugansk with Gazprom is a victory for President Putin, who has sought to restore government control over energy assets that were privatised by his predecessor, Boris Yeltsin.

While Rosneft confirmed last night that it had bought Baikal, it refused to reveal how much it had paid for the group. No other details of the transaction were available.

On Sunday, Yuganskneftegaz was sold to the obscure Baikal Finance Group for $9.3 billion (£4.8 billion), about half the value of the asset as calculated by Dresdner Kleinwort Wasserstein, the German investment bank.

Russian authorities forced the sale to help to settle a tax bill of more than $27 billion that the Government says is owed by Yukos. The Yukos board rejects the claim as an attempt by the Kremlin to expropriate the company from its biggest shareholder, Mr Khodorkovsky.

Last night’s move by Rosneft will raise speculation that Gazprom has chosen to use its merger partner to buy the lucrative oil asset in a ploy to circumvent a lawsuit filed against Gazprom by Yukos in Houston, Texas. The legal action sought to block Gazprom from acquiring any part of the Yukos empire while it was under bankruptcy protection in the United States.

Yukos has already pledged to sue any organisation that acquires part of the oil group while it remains under Chapter 11 bankruptcy protection.

Menatep, the group that owned 53 per cent of Yukos before its break-up, reiterated last night that it would also take action against any party that sought to buy Yukos assets.

The deal is significant for Gazprom because Yugansk pumps 11 per cent of Russia’s oil.

Baikal’s background and its motives for buying the unit on Sunday were unclear. But there had been widespread suggestions that it was established as a front for other interests.

Russian newspapers had claimed that the firm had strong links with Surgutneftegaz, Russia’s fourth-biggest oil producer, whose chief executive, Vladimir Bogdanov, is believed to be close to President Putin.

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