Russians line up for cut of oil profits
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Six years of economic growth fed by high oil prices have given President Vladimir Putin&#39;s government a pleasant but crucial problem: how to spend its windfall.
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Reports of a new tax claim dealt a blow to Yukos on Monday, as the embattled oil major announced it would cut this year&#39;s oil output forecast and defer certain tax payments because of a lack of cash.
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MOSCOW  - Beleaguered Russian oil company Yukos announced Monday that it had reduced its crude output forecast for the year as bailiffs continued to collect cash against the company's crushing back taxes bill from its frozen bank accounts.
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The Russian Government is going ahead with the sale of a large part of oil giant Yukos in order to recover an $18 billion tax debt.
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Embattled Russian oil giant Yukos cut its 2004 oil production target from 90 million tonnes to 86 million tonnes, saying its inability to access frozen accounts had forced the firm to reduce operating costs.
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MOSCOW : Russia announced plans to break up Yukos in a crippling blow to Russia&#39;s largest oil producer and its billionaire founder who dared to challenge President Vladimir Putin&#39;s rule.
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Embattled Russian oil company warns that it may scale back oil output after more funds seized. MOSCOW  - Russian oil major Yukos again warned on Thursday that it may be forced to cut output after
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Russia said on Friday it would go ahead  and sell Yuganskneftegaz, the main oil production unit of  YUKOS, despite a U.S. bankruptcy court order which seeks to  halt Sunday's auction for at least 10 days.
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Embattled Russian oil giant Yukos cut its 2004 oil production target from 90 million tonnes to 86 million tonnes, saying its inability to access its frozen accounts had forced the firm to reduce operating costs.
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Russia was set to rip the heart out of  its biggest oil producer, YUKOS, on Sunday, with the auctioning  off of its core unit to meet tax bills in a move which will  boost the Kremlin's control of the nation's oil.
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Business & money: Â· EC concern at company's grip on supply linesÂ· Russian state monopoly may be forced to divest
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Assets of Russia&#39;s beleaguered Yukos oil company should fetch at least $15 billion, a senior official said Monday, as the company&#39;s main production unit is evaluated for sale to offset a crushing back-tax bill.
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Business & money: Firm to explore in oil and gas sites in landmark agreement that could help plug Russian gap.
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Russia pressed ahead on Friday with the  last step in the destruction of oil major YUKOS, saying it will  auction its main Siberian unit on Dec. 19 for $8.65 billion and  hit it with a new tax claim.
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The Russian Justice Ministry says it plans to sell some of the assets of the giant Yukos oil company to cover its outstanding tax bill.
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Russia moved ahead Friday with plans to break up the country&#39;s largest oil producer, announcing it would auction off a majority stake in the main production unit of oil giant OAO Yukos next month.
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Russia has split its oil proceeds into two funds and has cleared the way for one to invest in foreign stocks and bonds, officials said. Actual investments are not expected to begin until next fall.