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Topic: YUKOS


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In the News (Mon 15 Jul 19)

  
  Yukos
YUKOS would remain a separate corporate entity with a large, not necessarily majority share owned by the state and with top management appointed by the government.
YUKOS is likely to follow that example and become a crown jewel in what could be called the Putin oligarchic group.
With the valuable addition of YUKOS it will be by far the largest oligarchic group in the country, a source of dominant economic and political power exercized by the Kremlin.
www.ecaar.org /yukos.htm   (1349 words)

  
 www.CorporateConflicts.com - Yukos Oil Commentary
Yukos' ability to pay its bills is severely restricted by court orders issued last year freezing most of its cash accounts.
Yukos has already filed suit aiming to annul the auction when Yuganskneftegaz was sold to Rosneft and to receive reimbursement for damages suffered as a result of the auction estimated at RUB 324 billion ($11.4 billion).
Yukos and some other Russian corporations now recognize that they must at least appear to be committed to good corporate governance in order to access foreign capital.
www.corporateconflicts.com /archives-yukos.html   (852 words)

  
 RIA Novosti - Russia - Timeline: Yukos
Still in state hands, Yukos is on the brink of bankruptcy amid falling output and rising debt; it owes the government alone $3.5 billion.
Yukos is served with another demand for $3.4 billion in unpaid taxes from 2001.
Yukos sues Rosneft, Baikal, and Gazprom and one of its units, claiming damages of $20 billion for their alleged role in the Yuganskneftegaz auction.
en.rian.ru /russia/20051128/42244205.html   (1086 words)

  
 BBC NEWS | Business | Yukos loses US bankruptcy battle
Yukos filed for Chapter 11 protection in Houston in an unsuccessful attempt to halt the auction of its Yugansk division by the Russian authorities.
Yukos had argued that a US court was entitled to declare it bankrupt before its Yugansk unit was sold, since it has local bank accounts and its chief finance officer Bruce Misamore lives in Houston.
Yukos claimed it sought help in the US because other forums - Russian courts and the European Court of Human Rights - were either unfriendly or offered less protection.
news.bbc.co.uk /1/hi/business/4296425.stm   (570 words)

  
 CNN.com - Yukos, Sibneft sign divorce deal - Dec. 22, 2003
YUKOS shares rose briefly on Tuesday morning, but by 0943 GMT were down 1.9 percent at 294.02 roubles per share on the MICEX exchange.
YUKOS agreed to scrap the merger, but it is still talking about the need for compensation from Sibneft," said a source close to YUKOS.
YUKOS paid a total of $3 billion and swapped 26 percent of its shares for a 92 percent stake in Sibneft.
www.cnn.com /2003/WORLD/europe/12/16/russia.yukos.reut/index.html   (624 words)

  
 BBC NEWS | Business | Oil giant Yukos loses tax appeal
Yukos had said the money should not be paid until appeals against the seizure of Yukos subsidiaries have been heard.
Yukos also lost its appeal against the bailiffs' refusal to accept as payment its $4bn stake in Sibneft, the firm with which it had tried to merge in 2003.
Yukos chairman and former Russian central bank chairman Viktor Gerashchenko has argued that it is in the Russian Government's interest to allow the company to take advantage of higher oil prices.
news.bbc.co.uk /2/hi/business/3572400.stm   (369 words)

  
 Yukos Oil and Gas Company - MN-FILES - MOSNEWS.COM   (Site not responding. Last check: 2007-10-03)
Yukos is an open joint-stock corporation publicly traded on stock exchanges both in Russia and abroad.
Yukos has five principal refineries in Russia, ranging geographically from the Samara Region in the west to Angarsk near Lake Baikal in Eastern Siberia, as well as being the majority owner and operator of the largest refinery in the Baltic States, in Mazeikiai, Lithuania.
Until recently Yukos oil company was chaired by Mikhail Khodorkovsky, one of the wonder boys of Russian capitalism, who together with a group of colleagues is said to own 40 to 60 percent of Yukos’ shares.
www.mosnews.com /mn-files/yukos.shtml   (862 words)

  
 RTE Business - Mystery buyer sells Yukos's unit to state firm
Yukos lawyers have argued that Gazprom had illegally taken part in the weekend sale of Yugansk, even though it did not lodge a bid, and that it was therefore in contempt of the Houston court's restraining order.
Yukos filed for bankruptcy protection in Houston in a last-ditch move to save Russia's largest oil producer.
Yukos has based its claim on US jurisdiction on a Houston office established earlier this month and two Texas bank accounts containing a total of $7 million.
www.rte.ie /business/2004/1223/yukos.html   (461 words)

  
 Russian Energy Abramovich Halts Sibneft-Yukos Merger
The announcement was a bolt out of the blue for senior Yukos executives, who, unaware of the decision, were already at the meeting preparing to approve the makeup of the merged company's new board and a charter change that would have enshrined its shareholder structure.
Yukos has already paid core Sibneft shareholders $3 billion in cash for 20 percent of their company, and the shareholder vote Friday would have set in stone a share swap giving Yukos another 72 percent of the Sibneft in exchange for 26 percent of YukosSibneft.
Analysts said the attack on Yukos' owners comes as the Kremlin appears to be embarking on a drive to gain tighter control of the natural resources sector and to quash once and for all alternative sources of political power.
www.templetonthorp.com /en/news477   (1503 words)

  
 Court tosses plan to seize Yukos unit
The subsidiary produces 60 percent of Yukos oil, and without it the company had said it would be forced into bankruptcy.
At one point, the government suggested Yukos would be given extra time to pay $3.4 billion in back taxes; then, it threatened additional audits and tax bills.
Yukos has said it cannot pay the first overdue bill right away, but it has offered several settlement ideas for spacing out payments, only to be rejected by the government.
www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2004/08/07/MNGJ4848IK1.DTL   (374 words)

  
 Russia U.S. Court Freezes Yukos Foreign Asset Sales
Yukos' 53.7 percent stake in Mazeikiu, the sole refinery in the Baltic states, is estimated to be worth more than $1 billion.
Yukos had been in the final stages of talks to sell its shares in the refinery to Lithuania.
Yukos insisted any transaction involving Mazeikiu was outside the jurisdiction of Russian law because the refinery is owned by Yukos International UK, a Dutch-based subsidiary.
www.templetonthorp.com /en/news1219   (992 words)

  
 CNN.com - Yukos scrambling to find tax cash - Jul 13, 2004
Tax authorities are seeking almost $7 billion from Yukos in back taxes for 2000 and 2001 and analysts say the sum could reach $10 billion after an audit for later years.
Yukos missed a deadline to pay that sum last week and could face bankruptcy unless it and founder Mikhail Khodorkovsky can strike new deals on repayments.
Yukos Chief Executive Steven Theede last week offered to to pay about $8 billion over three years to cover back taxes in an effort to stop the government from seizing its assets, the Interfax news agency reported.
edition.cnn.com /2004/WORLD/europe/07/13/russia.yukos   (728 words)

  
 USATODAY.com - Is end near for Russia's Yukos?   (Site not responding. Last check: 2007-10-03)
Yukos' future has been in doubt since October 2003, when masked police stormed the jet of the company's founder and then-CEO Mikhail Khodorkovsky and hauled him away in handcuffs.
Yukos shares have plunged to $1 from a high of $16.
Yukos continues to pump at peak rates, even though Theede has drastically cut oilfield maintenance, stopped drilling new wells, deferred current taxes and delayed paying bills.
www.usatoday.com /money/world/2004-11-30-yukos_x.htm?csp=34   (979 words)

  
 YUKOS - Wikipedia, the free encyclopedia
Alexei Pichugin, the former Security Chief of Yukos, has been convicted on multiple counts of murder ([2]) and attempted murder, and is now under investigation along with Yukos partner Nevzlin for the shooting death of Vladimir Petukhov, the mayor of the Yugansk oil province and a vehement opponent of Yukos, on Mr.
Initially Yukos was created by the decree #354 of the Russian government comprised of the following enterprizes: a Western Siberian oil extraction enterprize Yuganskneftegaz and oil refineries in Samara Oblast: Novokuybyshev NPZ, Kuybyshev NPZ and Syzran NPZ (NPZ stands for NeftePererabatyvayushchy Zavod, literally "petroleum processing plant").
Yukos comments on its web site: "We can only assume that this action against him is a direct result of his accepting a position to work to protect YUKOS Oil Company and its legitimate stakeholders".
en.wikipedia.org /wiki/YUKOS   (1512 words)

  
 RIA Novosti - Russia - Prosecutors search Yukos office - paper
Kommersant cited Yukos Chairman Viktor Gerashchenko as saying that prosecutors, who refused to comment on the situation, had been looking for documents related to the activity of the company's Luxemburg-based subsidiary Yukos Capital SARL, which is at the focus of a probe launched last week.
Yukos Capital wanted to participate in the first creditors' meeting and made claims to Yukos during external administration of the company, but the court rejected the motion.
According to the paper, Yukos Capital should be placed on the list of creditors under Russian law, which could seriously affect the alignment of forces among creditors because Yukos affiliates would secure some 35% of votes against the current 5.63% and, consequently, could influence the bankruptcy process.
en.rian.ru /russia/20060817/52743933.html   (487 words)

  
 Tax bill may bankrupt Yukos - Pittsburgh Tribune-Review
"Yukos is hopeful that the refusal of the Tax Ministry to consider proposals made by the company for an amicable settlement does not indicate that forcing the company into artificial bankruptcy is the ultimate goal," Yukos said in a statement.
Representatives of the Yukos defense team told the Interfax news agency that the Tax Ministry would receive a writ within one to three days confirming that Yukos does not have sufficient funds to pay the bill -- after which court bailiffs could move in.
Yukos said that any tax schemes it used were legal, and it contested the claim.
www.pittsburghlive.com /x/pittsburghtrib/s_201122.html   (513 words)

  
 Yukos and Sibneft Merger To Cause Many Scandals - Social and Economic Policy - Global Policy Forum
The union between Yukos' CEO, Mikhail Khodorkovsky, and Sibneft's major shareholder, Roman Abramovich (also the governor of the Chukotka region), is likely to affect many figures in Russia’s political and economic life.
Yukos had its plans for the Omsk region as well.
Nowadays, Yukos is returning to the Omsk region in the form of YukosSibneft, and Khodorkovsky is the master: Abramovich has decided to stay aloof from the business, and Khodorkovsky will rule the new giant company.
www.globalpolicy.org /socecon/tncs/mergers/2003/0422yukossibneft.htm   (1187 words)

  
 Yukos chief resigns, seeing a liquidation - Business - International Herald Tribune
Yukos creditors, including the Russian state oil company Rosneft, were to decide whether to recommend a judge declare the company bankrupt or accept a recovery plan presented by Yukos.
He had estimated Yukos assets as $16.89 billion and liabilities at $18.79 billion, according to the statement.
Yukos estimates the company's oil fields, refineries, network of filling stations and other assets are worth $30 billion.
www.iht.com /articles/2006/07/20/business/yukos.php   (540 words)

  
 AEI - Short Publications
Instead, what has come to be known in Russia as the "YUKOS affair" is a reflection of a deep division among the elite, as well as the public at large, concerning the relationship between the state and the private sector, power and property, wealth and democracy.
YUKOS was attacked, many Russian analysts believe, because it began to set an example of a big business determined to operate "by the book." "Our bureaucracy cannot stand clean and legal business," observed three leading Russian political experts in a long commentary on the YUKOS affair.
YUKOS broke another cardinal rule of the bureaucratic "great game" by openly contributing to opposition political parties to advance its interests and shape the laws--instead of following the age-old Russian and Soviet tradition of ignoring the laws and bribing those who implement and enforce them.
www.aei.org /publications/pubID.19368/pub_detail.asp   (5967 words)

  
 Peter Lavelle at Future Brief
The "Yukos affair" is often described as a politically motivated Kremlin attack against the country's super-wealthy known as the "oligarchs," particularly Yukos' core shareholders — Mikhail Khodorkovsky, on trial for tax evasion and other serious charges, is the most notable.
The Kremlin's assault on Yukos is not an impulsive act of political and economic terrorism against property rights and enterprise.
The "Yukos affair" will quickly become part of history and it is doubtful another Kremlin-business confrontation of its nature will occur again.
www.futurebrief.com /peterlavelleyukos.asp   (1428 words)

  
 SignOnSanDiego.com > News > Business -- Deutsche Bank offers to take over Russian oil company Yukos, seen as ...
OAO Yukos Chairman Viktor Gerashchenko had informed the liquidator – Eduard Rebgun – that the bank suggested holding talks on a deal to acquire “a controlling stake” in Yukos and said it was ready to acquire the company's multibillion-dollar debts, Rebgun told The Associated Press.
Yukos, once Russia's top oil producer, was brought to its knees by a government campaign that saw it crushed by back tax bills totaling nearly $28 billion and its founder Mikhail Khodorkovsky jailed on tax evasion and fraud charges.
Observers say the Kremlin targeted Yukos as revenge for Khodorkovsky's funding of opposition political parties and in a drive to restore a dominant state role in the strategic energy sector.
www.signonsandiego.com /news/business/20061016-0538-russia-yukos.html   (545 words)

  
 USATODAY.com - Yukos can keep selling oil; crude prices fall back   (Site not responding. Last check: 2007-10-03)
A warning by Yukos Wednesday that an asset freeze ordered by bailiffs could hit oil sales by its operating companies, which pump a fifth of Russia's oil, pushed U.S. crude oil futures to record highs.
Yukos shares rallied more than 20% after diving to three-year lows on Wednesday.
Analysts said the change by the authorities may offer little respite for Yukos, which has said it could collapse by mid-August as bailiffs seek to recover a $3.4 billion tax debt for 2000 while its bank accounts and assets are frozen.
www.usatoday.com /money/industries/energy/2004-07-29-yukos_x.htm   (485 words)

  
 RTE Business - More tax claims piled on Yukos
Russia's embattled Yukos oil giant is facing additional tax claims after the country's authorities said the firm was suspected of underpaying $6.7 billion for 2002,
The Interfax news agency quoted a source as saying that the sum was contained in an audit that the tax authorities presented to Yukos today.
Earlier today, Yukos said it had repaid over $3 billion of its overdue tax debt.
www.rte.ie /business/2004/1101/yukos.html   (217 words)

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