Gazprom not to bid for YUKOS assets

Britain's The Business magazine is reporting Gazprom has instead arranged to buy certain YUKOS assets after the next mount’s auction from an Italian-led bidding consortium including Eni and Enel, and Russia's ESN Group.

It's believed this will let the gas giant avoid any legal action from YUKOS shareholders.

YUKOS filed for bankruptcy in 2004 following huge back tax claims from the Russian government.

The auction starts on March 27.