Flashnote:Rosneft Buys Yugansk - Higher risk of no Gazprom-Rosneft merger is an unpleasant surprise

We see the news as an unpleasant surprise for the stock market, at least until there is some further
clarification. Above all, we do not understand where Rosneft would have found the necessary money.
It is doubtful that Russian banks, even if urged too, could collect the $9.35 bln, while foreign banks
would most likely stay clear of such a deal altogether. Moreover, the new owner could see Yugansk’s
tax debt of $4.7 bln restructured, but hardly written off altogether. This implies that alliances are
likely – and the list of possible allies is as short as it was before: Gazprom and Surgutneftegaz.